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A Trafalgar House Company
CONTINENTAL S&UWG PHICES: AUSTRIA Sell. T
PUBLISHED IN LONDON AND FRANKFURT
Friday August 20l 1982
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060434734 :
Tbrihsmipton Development Corporation
2-3 Mar/.pl Square
Northampron NN1 2EN
DENMARK Krfl-50; FRANCE FrS.OO; GERMANY DM2.0? ITALY L 7.100; . NETHERLANDS HlSSi NORWAY JCr5.00? PORTUGAL Etc 00; SPAIN ftaSfc SWEDEN Xr&Oft SWITZERLAND Ft 2.0; BflE EOp: MALTA 30c
NEWS SUMMARY
VERAL
Hash
ooms
>n steel
closures
BUSINESS
Equities
fall 9.5;
gilts
off 0.92
• . ■ f
Mexico will call on
creditors today for
more time to pay
V- 30-SHARE.
BY ALAN FRIEDMAN IN MEXICO CITT
THE GOVERNMENT of Mexico obligations,
580
560
3?
m
hi
540
r
rW"
355
FtaSHHSB
340;
oon
v;
..•a;
\J
ooU
AAA
Vv
320
onn
ALL-SHARE
Jun
Jul
Aug
THE GOVERNMENT uf Mexico obligations, principal and principle to negotiate with the
is expected totfcv to ask its 300 interest, on outstanding inter* IMF for a facility of up to $4bn Yr/ / v 1 .| / 1 c ,4. / v / *Jr
foreign bank creditors to allow national bond issues, which over the next three years. TT Ui ill jlUtlV
a moratorium of up lo a year totalled over $3bn at the end of It is believed that Mexico may
Israel agrees to
PLO ^evacuation
from W Beirut
...BY PATRICK COCKBURN IN JERUSALEM
THE ISRAELI cabinet yesier- PLO sui'rnUas nperaimg front
day endorsed the pton proposed behind Syrian lines howeiei*
by’ .Mr Philip Habib, tile D.S. were considered ominous by
special envoy, for the evacua- diplomats. The bombardment
lion of the Palestine Liberation of Beirut having been hailed
on repayment of principal last year.
be able to draw an initial S87<
owed to banks out of its $B0bn It also emerged yesterday that from the IMF in the form
main steel union yesterday £ GILTS suffered from profit- (£34.8bn) public-sector external Mexico was seeking an eraer- compensatory facility, separate
arked on a collision course ta u: n „ particularly by private debt gency “Jumbo credit" from from the 54bn. This facility is
i state-owned British Steel - — ... * — > — ’ — - u - *- — L -
fK markets
Organisation tPLOj from Wes:
Beirut.
Israel's agreement, however.
■bt. gency “Jumbo credit" from from the 54bn. This facility is
The request is expected to be foreign banks as part of the available to borrowers who
ade at a meeting in New York rescheduling package. suffer problems due to market
was m3de wholly conditional on minor attacks.
under UN pressure a week jg«>.
Israel ius hern nunparamely
restrained in its response to
i suiwiwnea jsriusn «ieei investors. The Government The request is expected to be foreign ranks as pa
■ closures, redundancies and glorifies . index last 0.92 to made at a meeting in New York rescheduling package.
76.88. Page 21. called by Sr Jesus Silva There is a precedei
be Iron andi Steel Trades _ _ . . Herzog, the Mexican Finance
federation \ threatened • EQUITIES were also open to Minister.
istrial stetiontif talks fail to profit-taking and there was coz; Mexico intends to make all Western banks
job losses. ! ceru about Wall Streets recent interest repayments during the 1° recycle $350m (£3
-i Sheffield, t^e city council SfSj 9 a 1 ?® mT? deferral period, hut given the
Iged support for Firth de f U 9 * 5 1 69 ' 7 ' Pa ° e ~ 1 country's cash crisis she is
' wn and British Steel shop 0 STERLING fell 13 points to thought unable to repay prin-
rtirds to fight job losses S1.7235. It also fell to Y444.S0 ^P 31 in fuil -
ch may result from a (Y447.50), but was unchanged If banks are unwilling 10
■ger. Back Page: Steel union a t DM 4.28 and finned to FFr allow a 12-month deferral of
•I rebuffed. Page 7 11.975 (FFr 1147). Trade principal repayments. Mexico
nervous
the return of two
General Ariel Sharon, the
There is a precedent for this forces outside their control in
Mexico's case, the faU in oil
By Duncan Campbell-Smith and
William Hall
prisoners and ihe bodies of nine Israeli defence minister, told the
soldiers killed in Lebanon. Cabin?! yes'.errir.y that a mes-
Thc Israelis also made it clear w.tranw Syria to restrain
that :f the PLO did not meet its t{* e " ,;|S het-n scn *
jfence move
3 in and Australia are con-
11.975 (FFr 1147). Trade principal repayments. Mexico
weighted index was 91.3 (91.5). may have to settle for a mini-
Page 22 muni of six months.
Western banks are expected
to recycle $350m (£203m) of
Polish debt interest back in-
to Poland as a three-year re-
volving credit. This will pave
the way for rescheduling
more than $2bn of principal,
Back Page
A colossal mountain of debt.
Page 12
Peru's balancing act, Page 18
STOCK MARKETS In most conditions and make the with- Damascus.
Agreement has been reached financial centres yesterday had j draw a l possible, they w
among West European, North a confused and nervous trading j have no option but to st
American and Japanese central session after Wednesdays pow- 1 West Beirut,
banks to provide Mexico with a er *H* advances. . < An Israeli soldier was cap-
51. obn facility, under lie aegis , Snare prices moved less uni- ( turerf from an observation
would <>nee the ei.iruatiiixi starts, it
storm V -‘ | H !, e diflicnl 1 fur Israel tn
attack i-riM-i under Syrian tuti-
iris] without halting the whole
of the Bank for International formly across the world than in
Settlements.
Bankers involved in the Mexi
earlier . sessions this week, . evident )v adding another ci
though equities in the Far East f piie.nion to the pull-out plan.
turerf from an observation post pr‘uv>* tu P.-jJ'.-sunian disen-
ro move quickly to the second
-r-as? ysxzazr ns* i ivtsV r> r ;" sm M'^WiK
have warned that not all of the S*"*™** i yesterday thar rhe soldier was bo , h SvrJ . in d x h |nmp „
creditor banks will necessarily a ee p TncmaSfy over The un- 5 lhou * ht l? bp ^ bu , 1 whdraw. But observers in
be willing to agree to a speedy SerlyincffendoJ Wa»S(rcet were ret ice m a bo 111 . details of ;<n , optimistic
debt-rescheduling pact- • The F?^ ^Industrial Ortinarv 5C SD,i;,,inT l fi 1 " n h,i T * ] ™**‘ that a pull-br.ck by the two >ide>
Page 22 muni of six months. Peru's balancing act, Page 18 creditor banks will ne
„ , _ . This would provide a much- be willing to agree to
ws unchanged at needed breathing-space for the sort of emergency credit in that debt-rescheduling pact-
l ,° ,, r last three 1 months of the bankers provided Mexico with Of particular cone
■« . . i , , * • b0,h Svnan and Israeli troops
Ihouffht to be alive but officials wllhdraWp B , Jt observers in
were reticent about details «. jp riJS jjojn are nut optimistic
negotiations on hi- release, that a puil-br.cl; by the two >iUc>
They would not comment on t ,., n L>1 , t , nLn ,. lvi ., n j . su -^i
reports from Beirut that he had , hjf :I n . ir , llicin of tf i e LDumn -
beor, freod yesterday is more likely.
Tim PLO already holds an The Israeli Government is
Israeli Pilot shot down at the a | so ea^er to stress t;i;it it has
beginning of the invasion nf ^oij j mi'jor political and
Lebanon in June. rutiitarv vietorv in Lebanon
T^rael s're<sed that further with the withdrawal of the PLO.
raids hv PLO units operarin" Gen Sharon said wstvrdav it
i contribute to buying the
Timonial home. Page 6 • WALL STREET was up 10.09
at 83942 near the close. Page
itics criticised 20
Treasury minister’s speech ® .. CAPITAL investment has
ickj^the CBI for its recent *!E P fc'J e « v b p « 1 fi Il !n < ri
amy economic forecast was
tased by Conservative Central
ce, refiecting government mdicators used to predict
tation vti^tiie Employers’ eco “o mic activity. Back Page
Foreign cash flows into London
a own at /o.bb. inc cans 01 Offirinl*! in lerus-ilem wpr.< «*
England appeared to have sold CO nc-mort 2 % S FMUrh For ^ n U ~ !0n ^
?eTnforeemrnls 3b eiUrin/^Se .^rsU-a j^erday
MY MAX WILKINSON, 6CONOMICS CORRSPONDENT
ty. Page 6
ir deal held up
■in is witholding signature
a $3bn military aircraft deal
h McDonnell Douglas over
5. reports that excessive com-
ssions were paid. Page 4
Dm bay mutiny
my reinforcements were sent
Bombay as the policy muntiny
tered its second day. There
re more clashes between
lice and paramilitary forces.
ge3
oy, 15, accused
boy of 15 was accused of the
rder of David Milner, aged
ip. who was found dead 400
•ds from his home in SUpon.
rks, on Sunday.
aris bomb claim
BANK LENDING to the pri-
LONDON BANKS appear to
have benefited from, substantial
vate sector rose sharply to foreign cash flows as a result of
£1.5bn in the five weeks to raid- alarm about instability in parts
July. The figures caused City of the international banking
concern over Government network.
• Bank of England figures pub-
_ _ £bn " fished yesterday showed that in
2,5 the month to mid-July, banks
and other institutions in Lon-
don increased their foreign
2-0 ^ — r. currency deposits by . £5J.bn,
' with an increase in foreign cur-
rency lending of £5.5bn.
15 Wi m fym — Several big clearing hanks
vzsa&k wkmi PI say the ? have not iced a signifi-
W Wh HI cant increase in business follow-
1-0- Wmh W §§|J5p % _ ing the difficulties centring on
HHi m Banco Ambrosiano in Italy
and recent failures in the U.S.
- ft £bn
3 ‘ U lanr-IMF |Y
Editorial Comment, Page 12
Bonds column, Page 18
World Stoek Markets, Page 20
Money Markets, Page 22
Lcr, Back Page
SihTi. To I***™ « ‘"-S; t,"
imn on non Burnt, j nd tieie due to he
m 0,0 »
The difficulties incurred by Lex, Back Page
those Eurobanks which lent to - — -
the Luxembourg subsidiary of „
the Ambrosiano group have led J large proportion of a new
rss
A _ a u n n i., r ,a m catTvmg lbu more men and
Arab Deterrent Ferce. equipnienL
The Israeli Cabinet yesier-
The troops frnm the 2nd
day asked for only minor Foreign Parachute Regiment.
amendments to Mr Habib's draft under Brigadier Jacques
plan and these were nuickty Granger and their regimental
agreed to. Israeli objections to commander Lieutenant-Colonel
to indication 0 in the bankini? MOto iSS of government some W* the scheme, Bernard Janvier, form the van-
“ a" stock. expressed earlier in the week, guard of the French contingent
community of a greater sensi- ... _ have been droDDed folln-.vinsr in tho mnitimi-nnii fnma
unity ot a greater sensi- . th ^ have been dropped following in the multinational force
Sm?M«irW M-<£L h”d a^ement V the Svnans to ofuelolly requestert yeslertoy
?aUoS*SS«s. d ” Ke0t m,0r - ^^"hy'eSrojfer 1 ! all ffiftSVjSff
It is thought that London has m heavy trading. Short- JJSer “svBin command Si T? CU ' er ri ' portS {r f m Bpirut :
benefit^ from this, particularly term mlerest rates were ^7 while 7he 'S sm' n There was a tirnoJy reminder
in comparision with Luxem- unchanged or slightly firmer but Lebanese SSiS T of , thc fra?I,a >' of P eaCP in •
hourg and some offshore centres, m the bond markets prices were re to the B?Sa Valev Lebamm yesterday when a car .
v ,r_j -d hit hv stead v nmfii and n '' 1 me DfA.j.i v.iur». nio i.pj «-fth m-ti nc t-so tiir
Changes in
Currency
- deposits with UK Monetary
Stator □
2"5 r - e u a m j rr~.
t/euciiLs»: uuui u«w. ty — “
in comparision with Luxem- unchanged or slightly firmer but
hourg and some offshore centres. J® bond markets prices were
Reuter reports from Beirut :
There was a timely reminder
Yesterday Barclays Bank said it by steady profit taking and
had noticed an increase in busi- Jong-dated U.S. Treasury stocks
" m r Z packed with explosives was dis-
The phased withdrawal, due covered outside the Ministry- of
Rises m Private Sector
05 “f$I Bank leBdingS^ -
¥>•!• iv.' 'JOY. y/A'A/.T iV/AV/. 1
and recent failures in the U.S. thought other dearers had
banking system, which could that- the July increase in off- found the same,
have had a general effect on shore business, mostly in the However some banks cautioned
confidence. Euromarket, was substantially tliai the flows were not very
They believe UK hanks are higher »han in previous months, great compared with the total
at an advantage in inspiring The increase in June was sire of the F.uromarket. cur-
ness following the Ambosiano h £d fallen about 1 point by to start on Saturday, will take Information and Tourism’ in
revelations last month and it about midday. . about 14 d?>s, officials spy. If West Beirur.
thought other dearers had • Tb e recent sharp fall in 'he evacuation stops rhe mull!- , K «
found th»* same international interest rates national stinen-lson- board of . . J; s ?“ f ^ s . sai ^
However some banks cautioned came to an abrupt halt yester- Jreneh ■ ov:n?r of the rai Vrro«l5
t hai the flows were not verv flay- Three-month eurodollar tronns. will n!?o dep., r t. A
omt .-onioarefl with thr total '■ interest rates, which in the ( written assurance to this .'ffi'-.r Beirut paper publishes details
-4
tH. s ? ‘
I • : :A
rks, on Sunday. " confidence, parti v because of £I.obn and in May only tjpsm.
. . , . ys i , the nrotection of The Bank of In April foreign currency
arts bomb claim England and p.r«»y because ot
,Jt-wing extremists Action "owinTSirth^iawmw rS in Ini^riatiinal business, of the freeze on Argentine
ertd claimed responsibility wttnm tne target range. yesterday s figures showed assets and uncenamiles created
• a Paris bomb attack less ^Se e .
The increase in June was sire of the F.uromarket. cur- j Previous week and a half had j £om France, demr.nde.1
£1.5bn and in May only £39Sm. rentiv estimated to be about I shed Percentage | Jcrurnlem. b^s boon re.-?iv.-L
in April foreign currency si.pnuh n (£1.100bn). points, firmed by about a i Twent;. L'\ nbfenere in
of plan, Page 2
Isle of Man statement on bank
collapse. Page 6
Bank loans to private sector
rise, rage 6 .
quarter of a percentage point lo I Beirut will be allimed lo stay
10; per '.-eut yesterday.
bui will not be reinl.-reeri.
T m a day after the group was ^ uk ECONOMY will be
Ert* ^netL Page 2 sluggish for the rest of the year.
? _ but will pick up. in 1983, said
P 17m heroin haul the Economist Intelligence
ip ris police seized 23 kilos of ^ niL 5 -
• Other euro-currency rates Since :iie siari ihi* ini :rinn
rose in s>mpathy. with the of Lcb;;n«m in June Israel )i;«*
ihree-month euro-sierling rate been keen to minimise U.\
up i of a percentage point at iniul.emcnt.
EEC acts on personal car imports
Continued on Back Page
Threats oi reiiiliation a.-.nnst
£ in New Yuri;
Spot 1.7190 1.? ISO 7170
i mout'i o.:e j.i-j d>s
5 montnsO.lO 0.06 c.sO.oe o.l.i pm
la firOdtfij C.OC C.IO pr-i2.cS J.oC nni
roin worth about £I7ra and • WEST CiEKM AM visible trade
-ested the French head of an surplus will more than double
;.r Ji ian drug ring. to DM 60bn (£14.02hn> this
WEST GERMAN visible trade
BY GILES MERRITT IN BRUSSELS
£ .1 jack executions research institute of Munich,
men who tried to hijack a 2
' ' ^jlinese airliner to Taiwan last ® WEST GERMAN Government
)nth, but were overpowered will deride next month on AEG-
to DM 60bn t£14.02bn> this poRD of West Germany has could l»c ;<(7ecleil by the Brussels 1,000 orders that are 3s a
year, says the Ifo economic been selected by the European competition authorities' new result outstanding.^ Failure to
research institute of Munich. Commission as the first major determination to halt restric- do so. or refusal to proauce
Page 2 EEC motor-manufacturer to be tive sales policies breaching the the cars in the original quanu-
_ ^ prevented from stifling the Treaty of Rome include Volks- ties, would lead to Brussels
® WEST GERMAN Government ^ de ^ personal car imports wagen, Mercedes-Benz, Toyota, imposing a "penodic penalty
,1 *dui, uut were uvrrpuwcreu . wiu oeaoe ikh raumii uu ajm- to the UK- Honda and jviazaa. pajTnent " (daily) fine of about
£ ■ passengers and crew, were Telefunken's urgent request for trade njushroomed from Announcing the decision that 1,000 European Units of
ecuted in Shanghai, a DM l.lbn (£257m) credit to , thousand in 2979 to will oblige Ford to supply cars Account (£580).
save it from going intoliquida- 5Q Q00 ]ast year or about 3 5 t0 personal importers to the UK. It is already dear the Com-
ublin anerer tion - sumrvaf plan. Page 19; ’ t Qf tota | new . Commission officials indicated miss on’s attempts to prevent the
. ■■ ® ... ' Feature, Page 13 market. Sales are expected that BL was also involved in a EEC motor industry stifling the
SSS ■2f lbl SaS3m • SEARS HOLDING*? has to rise this year. In West Ger- Brussels investigation of pro- Sowing trade m cheap imports
US* 1?2L 1 i?,-| 52S?2 LJitFW Woodworth's store many alone 4,000 right-band- ducers’ attempts to suppress mtotheLTKandlrelandismeet-
Jkrthiu:, arrested last week at wight F.W .WooiworW is score ^rtve cars were ordered in the parallel car imports. They mg stiff resistance from tbe
; fonn ®5 attorney-generals w. 1 first four months of this year refused lo name all the com- industry* itself.
t cm murder charges. ■ rreJ^rms compared with 1,500 for aU of panies involved. Commission officials yesterday
_ ■ . programme . ^ge 9; Grace Bros nmpH su wun ^ f Fiat 3Qd BNnv were> dise i osed that Ford had been
as meter death reronunends Wool worth s bid, as A ^ inlerim ord€r by Brussels however, named with Ford in offered the opportunity to settle
ninn-vear-olri w died in Co g that Ford Werke of Cologne the official complaint to the the matter informaUy by agree-
atonderrvafte?a thief ripped • VAUXHALL MOTORS cut must immediately resume its Commission in mid-May by the ing todesist buttiie company
t a and left the first-half net loss by 64 per cent normal supplies of righthand- Bureau Europe des Umpns refused to do so. It is therefore
nse m to £21.59m. refiecting an up- drive models to Continental Consommateurs IBEUC), the not being ruled out in Brussels
use to nil wiui nun^ .moo art tn v,a Vnmnpan rnnsiirntr erauns rha.r Ford ml) oot to challenee
Honda and Mazda. pa\-ment' (daily)
Announcing the decision that 1,000 European
will oblige Ford to supply cars Account (£580).
to personal importers to the UK, It is already d
save it from going intoliquida- 5Q Q00 ]ast year or about 3 5 t0 personal importers to the UK. It is already dear the Cona-
tion. Survival plan, rage 19; ’ t 0 j tota | ^ new . Commission officials indicated imssion’s attempts to prevent the
Feature, Page 13 Sales are expected that BL was also involved in a EEC motor industry stiffing the
OORAH
Results of Corah pic for the Half Year to
2nd July, 1982 (unaudited)
paCeWOman De Loreim rescue. Page 6 action against BL. BMW and helped trigger the Brussels order in the EEC Court of
eflsiM Savilakava became the ■ Fiat. action. The other motor- Justice. Luxembourg.
mnd wwnancasmonaut when • INTERNATIONAL Harvester Ford Werke is expected to producers were cited by BEUC Commission legal experts have
r&^union- launched a reported third-quarter loss of ma ke a statement about the in evidence supplied to the stressed privately also that
ree^r^w Sovar suacecraft. $129.8m (£75.3m) bringing its order today. BL and other com- Commission at the end of last Brussels’ drive to guarantee free j
to £21.59m, refiecting an up- j drive models to Continental Consommateurs IBEUC), the not being ruled out in Brussels
surge in sales of its cars. Back dealers is expected to be European consumer groups' that Ford will opt to challenge
Page; Call for clarification on [ followed by shortly by similar umbrella organisation^ that Hie validity of the^Comnussioa
De Lorean rescue. Page 6 ~ ' ^ ° ' - - -
1982
1931
1981
HalfYear
HalfYear
Year
£000
£000
£000
Sales
25,887
23,085
46.822
Profit before Taxation
1,4T6
529
1,627
Provision for Corporation Tax
177
135
262
Profit afterTaxation
1,239
294
1,365
interim Dividend— Pence per Share Net I.SOp
1.25p
2.90p
Earnings perShare
4.2p
1.3p
4.6p
ree-crow Soyuz spacecraft
loss so far to $627.6m, up from panies were reluctant to com- year,
$744m. ment last night. BL has Un
trade in right-hand-drive motor
rieflv " 8744m. meat last night. BL has Under the terms of. the EEC vehicles within the EEC may
. "f* * * ■ _____ acknowledged previously, how- order made to Ford the com- develop into a drawn out pro-
inner Swansea miner John 0 PHILIPS. Dutch elecmcal ever _ tba i it expects the pany must reverse its decision cedure lasting into next year,
a ns celebrated . his 305th group, net profits advanced 27 Commission to initiate proceed- of last April to withhold right- Not all motor manufacturers are
rtbday. per cent to FT 250m tKSml in 1^,.. against it. hand-dnve cars from its Ger- susceptible to the same interim
Wan police said 159 people t “ e first "age Lex, other car producers that man dealers and supply the measure used to tackle Ford.
W an police W 359 people £> ** “*• ** * ^
W ih ttTabwttVB coup on BackPage -
jlgpst i: o PLESSEY boosted first-
esldent Reagan’s father-in-law quarter taxable profit 26 per
• Loyal Davis, 86, died of con- cent to £3L5m. Page 14; Lex,
stive heart failure.. Back Page
CONTENTS
tilEE PRICE CHANGES YESTERDAY
rices' in pence unless _ otherwise indicated)
SE& Boots 241 - 6
wyd k Smith ers 269 + 9 British Aerospace ... 228 — 8
ra ^.'— “V j" . British Home Stores 151 — 7
SgySU-::::-.Jg + U S - g
TTHlicR YR .1 . .. 57 4- 5 FiSOflS ; 395 — 13
..tiroyd 8c Smith ers 269 + 9
rah 55 + 2i
ouc*- (D.) 110 + 5
inhedy Smale -180 + 15
iadise (B.) 37 +- 5
Ulips Lamps KO + 12
- -ville Gordon . -54 .+. 6
jatebeesr....^....,. f2di+ i
■nterspost^ 551 + 32
ILLS: ■
/riL 3pc 19S4 £92. - U
“*'■ ch. 15pc. 1997 ... £123f- H
vTlnds. .480 - 15
.''relays Bank ...... 372 - IS
.vj/ue Circle 413 - to
Mexico and banks: colossal mountain of
debt 12
West Germany: a wave of company
failures 13
Argentina: military regime shows signs
of disintegration 4
Business law: EEC power struggle S
Properly: Woolworth Bromley sale 9
Management: Stanley Gibbons licks
itself into shape 10
Technology: computers that never
fail 10
Editorial comment: Mexican debts; a
tax loophole 12
Lombard: Geoffrey Owen, looks at
Japanese industry ’ 13
gkn ms - 4
MEPC 194-6
Midland Bank 306 — 12
Pilkington 200 — 10
Plessey 518. - 22
Thorn EMI 422 - 23
Turner & Newall ... 30 — 6
Whittingham (W.)... 102 — 26
Charter Cons 197 — 6
RTZ 425 - 10
American News ... 4
Appointments 5
Ane 11
Bank Return IS
BasO Rates 2
Commodities 17
Companies UK ... 14, 16
Crossword 11
Entertain. Guide ... 11
Euromarkets 18
European News ... 2
European Options 16
FT Actuaries 21
Foreign Exchange* 22
Gola Markets 17
Inti. Companies ... 18. 19
Leader Page 12
Lb On is 13
Le* 2|
Lombard 13
London Option® .. 16
Management .... 10
Men & Matters 1?
Mining 16
Money Markets ... 22
Overseas . . 3
Propeny
9
Authorised
22
Racing
8
Others
23
Shaio InformaliDn 24, 2S
Weather
26
Stock Markflts;
World Trede
4
London
21
World Value 5 . ..
21
Wall Strwt
_ BoureM
20
21
INTERIM STATEMENTS
UK News:
General 5, 6
Labour 7
TV and Radio 8
Unit Trusts:
Consolidated Current Cost Profit and Loss Account
for the Half Year ended 2nd July, 1982
Profit before Interest and Taxation as in the historical
cost accounts 1.876
Current Cost Adjustments 169
Current Cost operating profit 1,707
Net Interest payable less Gearing adjustment 457
Current Cost profit before Taxation 1,250
Taxation 177
Current Cost profit after Taxation attributable to Shareholders 1 ,073
Current cost earnings per share 3.6p
• Profit for period up from £529,000 in 1981 to £1,416,000 in 1982
9 Safes increased by 12 % to £25,887,000
9 dividend increased by 20% to 1.5p per share net
Corah pic, Burleys Way, Leicester
ANNUAL STATEMENTS
Burtonwood Br«w*. 26
Dbuilars 15
Tafsfio Marin* 5
For latest Share lntlcr phone 0J-24S 8026
Financial Times Friday August 20. 1982 -
]
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EUROPEAN NEWS
OVERSEAS NEWS
WEST GERMAN INSTITUTE PUTS FIGURE AT £14bn
Record visible trade surplus forecast
BY JONATHAN CARR IN 80NN
A RECORD West German,
visible trade surplus this year
of about DM UObn (£14bn) is
predicted by the.Ifo economic
research institute of Munich in
a report released today.
The figure is well above the
visible .surplus of* some
DM 50bn UU.Cbn) estimated
so far, and more than double
iast year's result of DM 27.7bn
(£6.3bn>.
Ifo notes that this trade sur-
plus would mean that— ’after
allowing for deductions for ser- -
vices and transfer payments—
the current account of the
balance of payments would be
about DM 3.5bn tfl.Sbn) in the
black.
Tbe institute, which has a
relatively good record in its
balance of payments projec- 1
tions, also suggests that the cur-
rent account surplus could in-
crease to between DM 10 bn and
DM 15hn next year. This, it be-
lieves, would imply further up-
ward pressure on Lhe D-mark.
The prediction of a big
visible trade surplus is very far
from implying that all is well
With the West German
economy. On the contrary, the
surplus is due not simply to
the strength of foreign demand
bnt to the weakness of domestic
demand
The institute stresses that
while West German exports
rose in nominal terms last year
by 13.3 per cenr and imports
by.S.l per cent, this year they
are expected to increase by 10.5
per cent 3Qd 2.5 per cent
respectively.
While the • visible trade
surplus at DM tiObn will be
bigger than ever before, West
Germany's traditional deficits
on "invisibles” will be clearly
larger than in 1981.
The . deficit on services,
including the sums West
Germans spend on holidays
ahroad, ' will total about
DM 21.5bn (£5bn) compared
with DM 17.9bn (£431 in) in
1981, and “ transfer payments ”
— such as the sums foreign
workers here sent to their
homelands — will be DM 30bn in
the red against DJI 27.ibn
before.
Tfo points out that the export
boom last year was responsible
In large measure Tor cutting
West Germany’s current account
deficit to around DM 17bn after
DM 29.5bn in 19S0. But it ar;;ues
dial the weakening uf export
orders ovei the past few mouths
does not presage a marked cut
in lhe trade surplus — and
hence a clear return to current
account deficit.
For one thing, the institute
notes, imports are slack and are
likely io remain so foi; the lime
beiug. For another, foreign
demand for consumer durables
remains strong and foreign
orders for capital goods appears
to have stabilised
Despite the fairly height out-
look for its trade relations. West
Germany's economy as 'a whole
remains stagnant. Ho recently
predicted that the economy
would not grow at alt in real
terms this year, and only by
about 1.5-2 per cent next year.
Paris blast Opec faces gloomy
claimed by
banned
extremists
report on recovery
By David White in Parts
and output prospects
BY RICHARD JOHNS IN VIENNA
Spadolini
in talks on
new team
By Rupert Cornwell in Rome
ITALY'S 13-day Government
crisis appears aJJ but over. Bar-
f ring last-minute hitches over
the choice of Ministers, the
Prime Minister-designate, Sis
Giovanni Spadolini. I s expected
to present his second adminis-
tration to Parliament by the
middle of next week.
Yesterday, he completed his
second round of talks with
leaders of the five parties Which
will make up the next Govern-
ment, ‘ essentially a coalition
similar to that which fell after
a parliamentary defeat on
August 4.
Attention has now switched
to the exact. composition of the
administration — and, above all,
on whether Sig SpadoUrri suc-
ceeds in exercising his theo-
retical right to choose bis own
team, and thus work to reduce
the internal squabbling which
plagued his first Government.
On paper, the coalition part-
ners are agreed that tbe choice
should rest with trie Prime
Minister, but- few believe that
he will manage to break free
entirely from the traditional
ritual of complicated bargaining
with the parties and their
internal factions over the dTi vi-
sion of the spoils.
Speculation is widespread
about changes in the economic
team. The rivalry between the
two largest governing parties
was previously epitomised by
the open feuding between -Sig
Nino Axidrea tta. the Christ ian
Democrat Treasury’ Minister,
and Sig Rino Formica, the
Finance Minister and a Socialist.
It is also reported that Sig
Spadolini may be trying to
tempt Dr Paolo Baffi, former
governor of the Bank of Italy,
to a new economic overlord
portfolio.
Leading Polish economist says
Government’s policy unrealistic
BY LESLIE COUTT IN WARSAW
TIIE POLISH Government's
economic programme has been
denounced as unrealistic by a
leading economist here. Mr
Ryszard Bugaj, an economist
with the Polish Academy of
Sciences, also claimed tbat
living standards would not re-
turn to their 197S peak until
about 1990.
Mr Bugaj, who was the chief
economics adviser to the sus-
pended union, said In an inter-
view with the Financial Times,
that tbe Government would
have to meet three conditions
in order lo achieve its projected
3 per cent a year economic
growth to 1985.
Poland would have to receive
highly favourable terms from
the West for repaying its debt
and ■ would have to begin
thorough economic reforms, he
said. There would also have lo
be a “ political reconciliation "
between the Government and
the- people. He thought all three
conditions were unlikely to be
met.
Mr Bugaj was a member last
year of the government' com-
mission on economic reform, but
was interned and sacked from
his job at the Institute of Plan-
ning after the military takeover
last December, lie gained an
early release with the aid of
what he called bighly placed
qfficials who secured him his
present position and is one of
the few seriior union advisers
stiff working in a government
institution.
He was pessimistic about the
course of the economic reforms
. to which the Government says It
is committed, in his view, the
Government was establishing a
monocentric < planning system
while using- some market
mechanisms. But' instead of
allowing market forces to
influence prices, it was attempt-
ing lo establish administrative
prices which Itbelieved reflected
real costs.
Self -financing of companies —
which is an important element
of the reforms — was not suc-
ceeding, Mr Bugaj said, because
the Government had exempted
those companies whose produc-
tion was continuing to fall: that
was most of them. Bather than
liquidating a certain number of
bankrupt factories and paying
workers generous unemploy-
ment benefits, lhe Government
was fuelling inflation with
Finance Ministry subsidies and
creating a high demand for
labour which would be reflected
in higher prices.
Mr Bugaj recalled that Mr
Wladyslaw Gcunuifca. Poland's
pust-war Cummnnist leader,
.promised Poles a 6 per cent
increase in personal income and
was deposed in 1970. His sue- 1
cess or, Mr Edward Gfervk. ;
promised more and was deposed
in 19S0. General Wojciech Jaru-
zelski _ has promised a zero per
cent rise over the next 10 years.
Spanish prices up 1.3% in July
BY ROBERT GRAHAM JN MADRID
HIGH FOOD prices are con-
tinuing to have a damaging
effect on efforts by the Spanish
Government to curb inflation;
Provisional figures for July
show a 1.3 per cent increase in
the consumer price index and,
within this, foodstuffs rose by
2.4 per cent.
Spain's annual inflation rate
is now running at 15.3 per cent,
more than three points above
the projected rate -at the begin-
ning of the year. However,
food prices are increasing at a
rate of almost 18 per cent.
This is attributed to two
principal factors. First, The
Government has "conceded
higher farm gate prices to pro-
ducers. Secondly, the serious
drought has cut production and
pushed up prices, especially for
fruit, which nomlaJly should
come down at this time of year.
The failure to hold down
prices means that when the
Government resumes work in
September it will be obliged to
hold talks with unions and
employers on topping up wages.
This year’s wage increases, fixed
on a 9 per cent to 11 per cent
band, have been agreed* on the
basis of the inflation rate being-
under 13 per cent with a sup-
plementary rise if the con-
sumer price index exceeded 6.1
per cent In the first half.
The Government will also
have to decide whether to hold
back price increases, for
instance on petrol, in advance
of a general election in the
autumn.
THE EXTREME left-wing
Action Dirccle g™up
thumbed its nose at the
French police by claiming
responsibility for a bomb
attack in Fans yesterday
morning, less lhan a day after
it was declared an illegal
organisation by lhe Gov ctu-
went.
The bomb went off at the
offices of Minnie, a right-wing
weeklv magazine, which has
long been a target of such
all licks. Tipped off by an
anonymous caller claiming to
represent the banned group,
■ the AFP news agency dis-
covered a communique attack-
ing both the magazine and
Israel. Minute’s last issue
com a inert an article support-
ing Israel’s action against the
FLO in Beirut.
It was the second time that
Action Dircrir, In less than
four years of existence, had
enacted a public resurrection.
In 1980. police claimed lo
have dismantled the organisa-
tion in a round-up of suspects
in Paris and the south of
France, which also netted
several alleged members of
the Italian Red Brigades.
The following month Action
Dirccte staged a spectacular
dawn offensive against govern-
ment buildings in Paris,
using what was reported to be
a Soviet-made bazooka.
M Jean-CIaude Goudeau.
Minute's editor, commented
yesterday: “What use is it
dissolving a clandestine!
organisation ? ”
Agencies add: The conser-
vative Spanish daily news-
paper. ABC yesterday
criticised President Francois
Mitterrand's l 2 tcst plan for
lighting terrorism In France,
Seizing on a serious point
of contention between Paris
and Madrid. ABC points out
that M Mitterrand did not
announce any changes in
France's praetiee of giving
political asylum. The Spanish
Government has complained
frequently that its efforts to
eliminate Basque separatist
guerrillas are hampered by
the fact that they enjoy
asylum in neighbouring
France.
It had taken a series of
Middle East terrorist ven-
dettas in France to make the
French Government wake up
: to the problem - of terrorism,
said ABC.
“We must now hope that
this energetic plan -to
eliminate the importation j}l
terrorism wiU also lead
France to be more actively
and coherently watchful of
all those Mho today enjoy a
right to asylum which allows
them to carry out terrorist
actions inside Spain,- ABC
said.
OIL OUTPUT by members of
the Organisation of Petroleum
Exporting Countries is probably
running at less than 17.5m bar-
rels a day (b/d), the ceiling set
in March to support the current
reference price of $34 (£20) per
barrel.
Iranian
regime
m fresh
crackdown
^fcSDTv.-
Egypt oil earnings
exceed forecasts
Saudi Arabia, meanwhile, is
understood to be determined to
maintain the ceiling, although
its production has slumped to
le ss than 5.5m b/d and the Opec
average price as a result of dis-
counts is now below $32 a barrel.
Opec members had assumed
Jhree months ago that demand
would pick up towards the end
of this month as oil companies'
stocks were run down. But they
have been forced to recognise
that industry still intends to
reduce stocks to minimise
working capital costs.
The despondent and puzzled
conclusion of the economic
experts preparing their report
for the four-man Opec minis-
terial committee which starts
meeting today, was that Opec
will probably have to wait until
the fourth quarter for a
recovery. The committee is
headed by Dr Mana al-Oteiba,
the United Arab Emirates
Minister of Oil.
No reliable estimate of Opec’s
current output can be made
because of the lack of precise
information from Iran and
Libya. The two states, which
were mainly responsible for tKe
rupture of the March agreement
to hold collective production at
no more than 17.5m b/d have
caused offence by not even send-
ing representatives to this
officials’ meeting.
Despite the considerable dis-
counts they have offered, the
output of Iran and Libya is '
believed to have dropped since
EGYPT'S EARNINGS from
oil exports, her major source
of foreign currency, were
S2.7bn (£1.6bn) for 19S1-83,
according to Mr Ezridin
HUlal, the Minister of
Petroleum, writes Charles
Richards in Cairo.
Projected earnings had
been set before the start of
the last July I-June 30 fiscal
year at S3 bo. Lower prices
for Egyptian crude on the
spot market,. dictated by the
world oil glut, led the Central
Bank of Egypt In March to
revise Its prediction .to only
$2-3bn.
The rise In tbe final value
of. earnings is partly due to
the 60 cents a barrel rise from
June. Bur increased output
from newly discovered fields
also boosted earnings. .
■ Last year's total prod action
was 36.5m tonnes reaching an
average of ’ 740,000-760.000
barrels a day (b/d) at
present, as against an average
of 640,000 b/d for fiscal
1980-81.
July. Iran is thought to be
producing no more than 2m b/d
— much higher than the 1.2m
b/d allocation it was given In
March but less than the peak of
at least 22m b/d reached last
mnth. Libya's rate is belieVed
to have dropped to about 1.1m
b/d fro xna level of 2.3m b/d;
. Nigeria Is understood to
have been hit by the continuing
slump in demand. Its produc-
tion has apparently dropped to
l.lm- 1 . 2 m b/d from a. high
point of 1.67m b/d reached
towards the end of June.
AJFRESE >rdan£ of . executions
l and arrepft : tta$ f »eell‘ launched
by Ayatollah Khomeini's regime
j in Iran, following _ increasing
! internal opposition' to the in-
vision of Lraq. j-
. Clashes. *ith opposition
jaierrillas- have taken place in
Tehran . and . the northern
forests. Some ICO people have
been executed daily . in the
capital during this. past. week,
according to- opponents of the
! regime.
!. The • crackdwn follows a
j change of '.tactics by the
J guegrjjlai known as the
i People’s Mojahodin. Since the
end of July,. they have shifted
away from assassinations of
prominent . members . of the
government and administration
towards more widespread
attacks on the security forces.
Observers In Tehran say the
new tactics of -the guerrillas
have “born some fruit -in. a
renewed . nervousness : among
j ofii^als and 1 the .' security
I forces." They believe the Wave
of executions reflects this ner-
vousness and shows renewed
dele rmina ion; Among fun dame r.-
, talists lo prevent the- opposition
from capitalising, on anti-war
sentiment. -
As well as an intensification
of* repressive : measures this
month the authorities attempted
a mass anti-guerrilla rallv on
Monday to mark the funeral of
\ three revolutionarv guards who
[ they, claimed had been tortured
I Only 15.0/W twmpd out for the
| bn rial, however, indicating that
• last Sunday night's lengthy
I television display of lhe muti-
lated corpses had not moved
j many to attend,
i But there was no attempt to
‘ mobilise a major public funeral
i for the head of the regime'.?
secret police (Savama). who
/ was killed hi' guerrillas
Beirut paper details evacuation plans
BEIRUT — An-Nahar, the
authoritative Beirut newspaper,
yesterday published a 14-point
summary of the U.S.-mediatcd
plan for the evacuation of
Palestinian guerrillas and
Syrian troops from west Beirut.
The points, as given by
An-Nahar, were;
• A complete ceasefire.
• A peaceful timetabled -de-
parture from Beirut. •
• The operation vi/J be super-
vised by multi national' forces.
• Non-combatant Palestinians
who remain in Lebanon will be
subject to Lebanese laws
• On departure day the multi-
national force will deploy to
guarantee the safely of Pales-
tinians and Lebanese in west
Beirut and to help the state
extend its authority. This force
will comprise 800 U.S. soldiers.
S00 French, 400 Italian and
3.000 or more Lebanese soldiers
as required Lo maintain law and
order.
• If any clause In the plan
proves impossible, the mandate
of the multinational force will
be considered to- have lapsed.
• The multinational force will
have a mandate of one month,
and the Lebanese government
may extend the mandate if it.
sees fit.
• The International Red Cross
will help in the evacuation.
• The evacuation will be by
sea from Beirut port, by air to
Cyprus and by land along the
Beirut-Damascus road. Israeli
forces wiU withdraw from the
International highway to en-
sure a safe evacuation, while
the Lebanese army co-ordin-
aies the operation with lhe
Palestine Liberation Organisa-
tion (PLO).
•' The evacuation will be com-
plete in 15 days. It will tails
place in daylight, and the
fighters will take their ugh:
arms : with them.
• Heavy weapons will be
handed over to the Lebanese
army. '
• The PLO leadership win
leave Lebanon in public, and its
departure will be announced
clearly and openly.
• The Israeli Pilot capered bv
the PLO will be handed hark
before implementation of the
plan begin*.
• Palestine Liberation Army
fFLA) brigades attach***! to the
Syrians will leave by land.
Syrian forces in Beirut wj;; join
Syrian army units m Cfie Bek.u
Valley and the north. Reuter
BASE LENDING RATES
A.B.N. Bank
Allied Irish Bank
Amro Bank
Henry Ansbacher
Arhuthnot Latham ...
Associates Cap. Corp.
Banco de Bilbao
BCCl
Bank Hapoalim BM ...
Bank of Ireland
Bank Leu ml (UK) pic
Bank oF Cyprus
Bank Street Sec. Ltd.
Bank or N.S.W
Banque Beige Ltd. ...
Banque dir Rhone ...
Barclays Bunk
Beneficial Trust Ltd. ...
Bremar Holdings Iild.
Brit. Bank of Mid. East
■ Brown Shipley ...
Canada Perin’t Trust...
Castle Court Trust Lid.
Cavendish G'ty T'st Ltd.
Cayzer Ltd
Cedar Holdings
■ Charterhouse Japhet...
Cboulurions
Citibank Savings
Clydesdale Bank
C. E. Conies
Comm. Bk. of N. East
Consolidated Credits...
Co-operative Bank 1
Corinthian Sees
■ The Cyprus Popular Bk.
Duncan Lawrie
Eagil Trust
E.T. Trust
Exeter Trust Llil
First Nat. Fin. Corp....
First Nat. Secs. Ltd....
Robert Fraser
ii % Grindlayi Bank til %
11 % ■ Guinness Mahon 11 %
II VjMHaiubros Bank H
11 % Hargrave Secs. Lid. ... li %
11 Heritable & Gem Trust 11 %
12 % rn Hill Samuel Ill %
11 % C. lloare & Co tU “i
11 Hongkong & Shanghai 11 %
11 Vo Kingsnoriti Trust Lid. 12 °i
11 Knowsley & Co. Ltd, ... 111“,
21 Vu Lloyds Bank 11 SJ
11 % MalUnhaU Limited ... 11 'V.
13 °5 Edward Alanson & Co. 12 %
11 Vi Midland Bank 11
11 Samuel Montagu 11 ^
Morgan Creofell 11 %
ll"% National Westminster 11 %
12 u o Norwich General Trust 11 %
12 % P. S. Refion & Co XI %
11 % Roxburghe Guarantee... 111%
11 % Sl3venburg J s Bank 11 %
12 °o Standard Chartered' ...[[11 %
11}°Q Trade Dev. Bank 11 %
13 % Trustee Savings Bank II °T,
11 % TCB lli<5
12 United Eank of Kuwait 11
11 % Volkskas Inti. Ltd. ... 11 «3
12 % Whiteawav Laldlaw ... llj«i
11.5% Williams & Giya's ... II **.,
11 % Wlntnist Secs. Ltd. ... 11 <7,
12 % Yorkshire Bank 11 %
11 ■ Members of the Accepting Houses
11 " 7 -day deposits 8%. 1 month
11 <r, 8.25*/,. Shot i- term £8.000/1 2monih
11 % 10 6 *-
ii ir { 7- day deposits on sums ol: tmdar
li gi C10.CXK) 8V,, C10.000 up tfi £50,000
70 pi." rmnnn „.i tu." .
jjjir H ‘"- C 50 -® 50 anJ ovsr
jiy t Call deposits Ct.000 and over «i.
141 H 21 -day deposits over £1.000 S«.
5 Demand deposits 8%.
12 } Vo ' Mortgage base rate.
Base Rate Change
BANK OF
BARODA
Bank of Baroda announce that, for. balances
in their books on and after 20th August, 1982
and until further notice their Base Rate for
lending is 11% per annum. The deposit rate
on all monies subject to seven days’ notice of
withdrawal is S% per annum.
NOTICE OF REDEMPTION
and termination of
CONVERSION RIUHTS
sutarroMO
ELECTRIC INDUSTRIES, LTD.
Western visitors are big business, writes David Buchan, recently in Moscow
pnltan DttiU Katyn lUhtsUUKaUia)
VS.S2D.WJm
CONVERTIBLE BONDS
DUE 301b SEPTEMBER, 1»2
(lhe ''Bonds”)
NOTICE IS HEREBY GIVEN flat.
in accordance frith the provisions of rha
e pron;
Trust Deed dated asotSHh September.
1977, between Sumitomo Electric Indus-
tries. Lid. (the “Company"j and The In-,
dust rial Bank of Japan Trust Company,
under which the above-described Bonds
were constituted, the Company has
elected to exercise it3 right to. and shall,
redeem on 29th September, IS
. 19S2, all of
its outstanding Bonds at a redemption
price of 103 Wo of the principal amount
thereof together with accrued interest
to such date of redemption. _
The payment of the redempt ion pnea
will be made on and after 29th Seotera-
ber, 1982, upon presentation and sur-
render of the Eonds, together with ail
coupons appertaimnff thereto maturing
on or ntlPr 29th September. 3 9S2. at the
principal office of any of the following
Paring Agents:
Tbe Bank of Tokyo Trust Company
in New York
The Bank of Tokyo (HoUandJ in.
Amsterdam
The Bonk of Tokyo, Ltd. iuLondon.
The Bank of Tokyo, Ltd. inParis
Banque Internationale 4 Luxembourg
S A. in Luxembourg:
. The Development Bank of Singapore
Limited in Singapore
She Industrial Bunk of Japan, Iimfted
in London
eir Yack in Brussels
* The SimBwTM Bank, limited In Ion-
doa ■
' Th e jsrnnrfc nTim'RflWfcj T.hnlto rl ir> TTnnfr
Kong
Siri si Bank Corporation &
Ifestdeut-sche Landesbank Girozeh-
traleinDnsseldorl
From and after 29(h September, 3982,
interest on the Bends will cease to accrue.
The Bonds may be converted into
shares of Common Stock of the Com-
pany at the conversion price [with Bonds
taken at their principal amount trcns- .
,nese Yen
Tourists help push Soviet curtain aside
as detente meets hard-headed realism
la ted into Japanese Yen arthe rate of
Yen 367X0 equals US. £11 of Yen 183X0
per share of Common Slock. Each bond-
holder who wishes to convert his Bonds
shodld deposit his Bonds, together with
nil unmanned coupons. wftEany of the .
Conversion Agents being the same as
tbe Paying Amenta specified wove,
accompanied by a notice of converskm
(the farm of which notice is available
from any of the Conversion Agents). •
SUCH CONVERSION RIGHTS WILL
TERMINATE AS TO ALL BONDS AT
THE CLOSE OF BUSINESS OX29TH
SEPTEMBER. 1962.
. Foribe infornsujn rfthebrmdbdders,
tiie reported closing prices of the Com-
mon Slock of the Compam- on the Tokyo
Stock Exchange during the period from
Ctb July, llfcfi to 4th August, 1932, ranged
from a high of Yen 606 to a low of -Yen
492 pershara. The reported efcwiBg price
of such shares on the Tokyo Stock Ex-
change on 13th August, 11*2, was Yen.
485 per share. •'
suiimiHoaECTwcwDDsrstts.nD.
Dated: 30th August, 3082
FOR A travel agency. Intourist
has lofty ideas. The Soviet
travel organisation, the largest
of ils kind anywhere, sees itself
as peacemaker in a hostile
world, “establishing confidence
and trust between nations and
people,” according to Mr Kon-
stantin Shibaev. its vice-presi-
dent. He believes, for instance,
that the 30 per cent increase in
tlie number of Western tourists
— including a rise of 35 per cent
from Britain — coming to the
Soviet Union In the first half
of this year is a useful counter
to heightened tensions between
Governments.
Travel, or laefc of it. seems
always to have had political con-
notations in Russia. In rhe 17lii
century a Slav philosopher.
Krizauic, claimed that one of
Russia’s most valuable tradi-
tions was “the prohibition to
foreigners of facile access to
our country and the prohibition
to onr people pf wandering out-
side the borders of the realm
without important reason.” That
tradition has by no means
totally disappeared. But the
sheer numbers of tourists these
days show that' the Soviet
Union’s borders are no longer
hermetically Sealed.
Mixed in with The ideals nr
peace and detente' 1
headed appreciation
tourism as a convertible cur-
Few Western holidaymakers leave lhe Soviet capital without a visit to Gum. the giant department store on Bed Square
has bounced back from the dis- for some years to come,
appointments of 1980, when It comes naturally to
of international tourism, the
the desire of more people to tour
Shibaev assures.
Trips by car or any otijer
Olympic
o?her 'information’ in the Soviet into tourism. an Intourist package tour is as well as that of Soviet citizens by the Central Intelligence
Union.' is hot" readily available. Intourist has Its own 'hotels cheaper. Intourist has numerous abroad. Agency far the 1972 Njagu
But it is probably not inenin- with 51,000 beds in 40 cities agreements with Western travel Q ne solution has been to to the Soviet capita!,
siderable. judging from lhe fact and Is building more, white the agencies,^ among^hem Tnomas the areas in which 7 Bacceker prepared
that ‘
dayed
4ra
abroad, |,. . ..... «. >u— — . — ........ ..... — ^ . . , . ............ .... wumcicf ,
coming to tlie Soviet Union and health resorts in the 1981*85 tain volume of business for the believes that the 146 cities Re ?p crs * commj^ionaires and
hailed from fellow Coniecon' plan. Since foreign tourism in Sjmcl Union. Package travel l(JWp -ns and resorts where' ^“ides and thus enable him
eon n tries,, which reduces the in- the Soviet Union started from also has the merit of sparing ] n iourist has facilities offer all ?. roor,f ^oroughly to enj^y”
flow of bard currency. But a low base— its active encour- the foreign tourist the trouble a f orC ign tourist could want , 5 *® ur : ? ut fhe*<? days
equally, the hard currency out- agement only started in 1956. of dealing with the many f nim Soviet Union. Some lQl0Ur!St is the companion,
flow is stemmed by the fact that though Iniouris! has formally restrictions that hedge Soviet parts of tbe Soviet Union are
the favourite form of Soviet been in business since 1929 — hie. closed to all foreigners nn
tourism abroad Is cruises on its Soviet organisers are con- Mr Shibaev says that security grounds, but "the
Russian ships. fident of maintaining its annual Intourist is adapting to what closed areas are not verv
The Soviet tourist industry average growth of 8-10 per cent he calls the changing structure interesting for lourisis ” Mr
FINANCIAL TfMES, . start eb'W
exesp: Sunday* ,..4 f.o ; id«v* U.S.
stibscripnon rsrc* 53S? pg- enr.-.m.
Sftccr.rt cu«s rosravp ri.rt m iavt
.orh, :« v„ 8f«d 3 « addition: ira.i .-3
ceniras.
Financial Times Friday August 20 19S2
s.
<3^1
OVERSEAS NEWS
in
Bombay curfew
extended as
clashes continue
David DodweD examines Gen Zia ul-Haq’s economic strategy as Islamabad seeks more assistance
Pakistan faces tough questions from IMF
BY K. K. SHARMA IN NEW DELHI
ARMY reinforcements .were T
mutiny started
WHEN HE sits down this month extravagant in their praise of
with, economists from . the. the country’s achievements over
International Monetary Fund the past four years.
(IMF) to negotiate the last slice pr^ ^ duE ' f or certain
of a $1.7 bn (£lbn) loan agreed achievements: from chaos,' stag-
early -last year Mr Gfmlam nation, bankruptcy and chronic
Ishak Khan, Pakistan’s Finance shortages in 1977 the Gov-
Minister, faces as tough a grill- eminent has managed a gross
ing as he has ev * r had, national product growth of over
msm
mm®
juxaax reui£ori:BUieu.'ia .were jine umuiij ». h a W ovtr haH • , — j , “ _r.
sent to Bombay, yesterday by Wednesday when police union and national product growth of over
the Indian Government as the leaders were arrested." under r?Jr marSd ® P er , cent f r ye ?T* l pa fl st ®? **
police mutiny entered its second the National Security Act The a? mSSSS 1 - about self sufficient in food
dav in the tense citv union had been asking for a pu , titterances at Pakistan s .grams, has enough reserves to
° Bombay officiate 'claimed that 40 per cent pay rise on the SShSd W Import hill
25 per cent of the city's 22,000- basic salary of £21 a month. U,£ ri “2 has . t0 ■ laa “S*J® *
strong police force reponedf or T2je i^an Government ^ *S£?’ S&SK^SAttS
^frrnn^ntmhiwd ^eping a -dose watch over the economy with grinding poverty, exchequer white have been
out by reports from troubled situation and is worried that aDd the reforms needed to -SSd hard
pans of central Bombay, where the Maharashtra state govern- counter formidable problems 1 _
a curfew was extended until ment allowed such a crisis to ahead p But Pakistan remains one of
According ti> one weli-phced ^LJfS^LJSS ISSt
this morning.
. This followed more clashes have'been asked to deal sternly foreign ecMomist in IslamS^ threatened economies. Average
between paramilitary forces. wiUl mut my, and 1 the IiJfWtidB tine is goto* to annual *»“» off about $300
who are responsible for main- c£fntra i government’s forces are call forltnct^obditionc before surest that about 60 per cent
taming law and order, and ^ ms asked to bring the situ- to reSe more furS of ^ 85111 POP^oh live in
Bombay police, which led to Son under control- Th^^mSvTto progress extreme poverty. One in ten
U “* « inquiry Into the SSonK ^JSSSt^SJS
over 40 have been wounded so to less ^ 20 per ot ***
far. the poke TO m the city country's viU ages. At least 8 out
who are responsible for main- central government’s forces are
taining law and order, and ^mg asked to bring the situ.
Bombay police, which led to ation under control-
more firing and casualties. At TT
60 so 40
Rupees BilBon
pa thy for Gen Zia’s regime, a Industrial growth in the prl-
boon when the problems of vate sector is unlikely to take
criticism at home are severe. off until the Government
Pakistan’s economic future is mobilises more private saving
uncertain for a number of and investment,
reasons. Foremost is the current Nor are huge government
world recession. Sluggish export budget deficits going to be
demand, and falling prices for eradicated until Gen Zia bites
Pakistan’s main commodity the bullet of tax reform. Barely
exports— cotton and rice— have lm people in Pakistan pay
created severe balance of pay- taxes — about one in 30 of those
ments problems. The country's working. About the best that
L . , ‘l 4 __ fc ___ j ofar ; nra *-j can be said for this is that
terms of trade have deteriorated ^ taxes now
by almost 20 per cent over the as paid them t ‘ w0 years ago.
past year. High levels of oil p Jarls l0 introduce new agricui-
imports and a limited import taxes — called “ushr”—
liberalisation programme have Sn , he autumn are now being
pushed imports up,
finalised, and may raise tax in-
10 20 30
SoufC*\MF
The current account deficit, come. They are also likely to
(amounting to $2.4bn in the fiscal foment a political storm be-
year that ended in June, makes cause the landowners are a
further foreign borrowings powerful political lobby,
imperative when the debt burden It is against this difficult
is already intolerably high, and backdrop that IMF talks start in
when interest rates are at record the coming weeks. Talks be-
and the
The country's dependence on Pakistan Government
tue uuugc iUiuuiuy xaa Lite vn y » me uuvwuiuci il is accu iw a + -i...*. o
has been taken over by central be doing the right things, but e ^ u °BS*
352 StOSS .ME, SS2 90 per cent ofits needs are been bristly over the past Wo
Sirikinp textile- worker* naE own raneu uvw central oe uuing uns agm uunsa, uuu n t in PoWetaTii. arp nitPratu™ , , JT oHHi* nf r.m 7ia nlHan'e et.™ au P er CSQt 01 JIS neeas STB " ‘
iopTS JSi S »SsuSd- fffl!3K2S»^ SKS “ifif&SS S~ A -VibMff!5 ^ Mr Ghulam ishak has
but C ? Snetefte^edTy be S by so ^ factors 30 ™ad or write. over $3bn in aid aniTams a godsend to the economy. poti^ J
: nnnns itfn n lartir»« wac e nniv union were planning to raid the outside its control. Reforms Even at the statistical level, credits from the U.S.: a- $2. < bn The 2m or more Afghan has hampered efforts to raise by the IMr team. Twice he has
naniv pffprritt- Th’p anrhnrifi« armoury. have got to come quickly, or the Pakistan’s achievements owe as IMF extended fund facility; a refugees settled in Pakistan's domestic production of oil and ^ SUC ,r N», S f >, Ve «iT? e v tS
rhit'*iirb, 7 bin °ViSfn '• Aeeneies add* Mr Bassiahab economy wil Inever get off Its much to good fortune as to tight ^50ra World Bank structural western provinces, while they gas. The development of nuclear <J ireL ti> with the IMF head, Mr
and bi SriiceT whSi S totSni BtaSe M^ShV?a knees.” . management. Four successive adjustment loan; and substai- have put strains on the fragile power has been^ymied because and lwIce
SrtJSl dfcnimpd nfwX? Chirf SSter MM 113 Neither the IMF nor the excellent monsoons have played ual bilateral aid, particularly ecology of these poor tribal of Western suspicions over the he has had Lls
.enousiy (tisruptea on wednes w ^ sacked and World Bank— both of which are a major part in Improving food from Saudi Arabia and the Gulf regions and raised fears of in- uses to which nuclear fuel will But indications are that this
y normally ^iicem^were sacitea ana oa substantial funds into supplies. Remittances from states, where there is obsessive surgency and subversion, have be put. Unless Pakistan resolves time Mr Gbulam Ishak is going
yesteroaj. _ . JJJJf JrS Pakistan — have publicly Pakistan's 1.5m gnest workers secrecy over disclosing the de- also served to attract substan- this dilemma, then rapid indus- to have to accept tougher con-
day, ran nearly normally police
yesterday. other
A number of offices and state <
shops stayed closed in many arson.
other arrested throuehout the Paring substantial funds into supplies. Remittances from
SgjnSSm^SSSS and MBS
Twenty-two
parts of Bombay, and tension leaders were also arrested for
admitted their concern. Indeed, in the Gulf states amount to of aid disbursements. tial foreign aid funds. They trial growth, inevitably energy ditions — at least if he wants
remained high.-
Guerrillas cut
power lines in
Mozambique
By Our Foreign Staff
The Mozambique Government
yesterday said it had
destroyed seven guerrilla
bases of the dissident Mozam-
bique Resistance Movement
(MLRM), as a spokesman for
the Movement claimed to
have blown up part of the
power line carrying elec-
tricity from the Cabora Bassa
dam into the South African
grid.
Both announcements Indi-
cate an intensification of the
straggle within Mozambique,
which has severely disrupted
internal communications in
the centre of the country, and
repeatedly cut South African
power supplies.
The Mozambique Govern-
ment’s statement, published
by the national news agency
AIM, said 30 guerrillas had
been killed in operations lu
the first half of the month.
The MRM statement, issued
in Lisbon, said the Cabora
Bassa power line, which was
only repaired in June after .
previous sabotage attacks, was
cut when four pylons were
blown up on August 14. The
South African Electricity
Supply Commission (E scorn)
confirmed yesterday that the
power supply— which amounts
to some 8 per cent of South
Africa's needs— had been cut
“reason and indiscipline.”
Right wing
gains in
S. Africa poll
By Bernard Simon in
- Johannesburg
THE South African govern-
ment’s tentative moves towards
race policy reforms may he
threatened by a sharp swing
to the Right in a by-election
in Germiston, a dormitory town
east of Johannesburg.
Two ultra-conservative can-
didates between them attracted.
almost 60 per cent of the votes
cast in the - poll to elect a new
member of the Transvaal Pro-
vincial Council.
But because the far-right vote
was split, the candidate of the
ruling National Party managed
to avoid outright defeat He
obtained a mere. 308 votes more
than the candidate for the five-
month old Conservative Party,
headed by Dr Andries Treur-
nicht, former cabinet minis ter.
National Party candidates
have been returned unopposed
in the Germiston constituency
for the past eight years, and a
similar result in a general elec-
tion would cost the government
one third of its 114 elected seats
in parliament.
- Senior Nationalists yesterday
blamed the setback on the de-
teriorating economic situation
and voters’ unfamiliarity with j
proposals for limited Indian and
coloured (mixed race) partici-
pation in government outlined
last month by Mr P. W. Botha,
the Prime Minister.
Malaysia’s growth hit
by sharp fall in exports
they have been almost about $2.2 bn a year, almost Five years of relative politl- have ensured worldwide sym- intensive, is out of the question, future IMF loans.
Beautifuel G *
The increasing popularity of gas is not only i development in Dorset*is only the latest in a
good news for our customers —its good news ^ long series of tributes recognising the concern
for the environment, too. Because gas is the. ; for our surroundings shown by British Gas.
cleanest of fuels to bum. So, when you think of the beauty of gas,
With gas now supplying over fifty- ^ ^ don’t just think of Britain's favourite clean,
five percent of all the heat used in' ' • ^:^*^^r>oointrQll^^ economical fuel; imiember
British homes and almost a third the ‘carefuel’ way the gas people have
all the heat used by British industry, ; -13^^^^^^^m worked and are working to preserve
this te important to all of us. ' \ and protect our environment
But dean air isn’t the only beauty ^ nomcu/'AC
of gas. Britairfs gas transmission / i Dnlilonww
network consists of over ten thousand ‘ a .
miles of pipeline— all of it buried \ . j a | /
underground, where it doesn’t spoil the\ / /y /
countryside. And through the | I | / ,
underground local mains system I If J ■ mW fd*
(a staggering 140,000 miles of it), y JL/E- ,? JlFV IF
^as is delivered direct to Britain’s \ /! /m 3 / // Nf I is-/
“i' .. \»
BRITISH GAS
4 1
gas is delivered direct to Britain’s^^f;
f if*.* . - ••
sfrfl' w
BY WONG SOLON G IN KlIALA LUMPUR
MALAYSLVS economic growth expected,
prospects for this year have Coupled
Coupled with the massive
again been re^ed downwards deficit on the services side,
as 'it becomes increasingly clear Malaysia is «^ect«d to incur a
that the world, recession is hflMee
biting deeper into the Malay-
sian economy than was origin-
ally expected.
$3.6bn on the current account,
a record in Malaysian history.
Many private sector econo-
any expecieo. many pnvaie .V.
Last year • the Finance mists are even less' optimistic
r . ' - . Ministry predicted a 6.5 per about growth prospects, and say
i cent growth for the country for the Malaysian growth rate this
1 1982, but this was subsequently year could be as low as 2 per
- reduced to 5 per cent two cent.
months ago. The current Government ex-
• According; to Tengku pects there to be a slight global
*' ?*; Razaleigh, the Finance Minister, recovery given another six
‘ a growth rate of between 3fi time-lag, the Malaysian economy
:,t “"d 4.5 per. cent owing to the -would not feel the benefits for
. ■=- sharp and continual detenor- . another year.
> jg V ation. in the country’s exports. if there is sustained global
, « , The nation’s major exports of recovery, however, the Govern-
• i crude oil, rubber, tin, palm oil, ment expects a quick turn-
■ ! ■ timber and manufactured goods around for Malaysia, particu-
* have been badly hit, and a trade Jarly. for Its commodities like
homes and factories;
no tankers, no pylons, no
disturbance.
Where the gas people have to build
aboveground, they do it with . -iJ&k
a deep respect for Britain’s
landscape. An award
recently presented to British Gas by
the Secretary of State for the
Environment for sensitive
\ \z i j f it m / /
\w I / f/ii m/?/
I#"" Vl M H Wf
re to build vlJ/i MM////
/¥b / // 4m'
// u/ff f
hi// \
\ !
\n
| \M { \|
W \\
\i.
X l
* !
%v.
■V,
p.-t J
m t a ,
* W r
deficit of $1.3bn (£763m) is ru bber and timber.
China’s first N-plant
plans move ahead
PEKING — Plans to build be built by Framatome, the
China's first commercial French company.
wm.
/.
*Some of the rarer flora and fauna
■ of the Purbecks, Dorset. The Secretary of
State for the Environment presented the
Silver Jubilee Cup of the Royal Town and
Country Planning Institute jointly to
British Gas and Dorset County
Council on June 24, 1982. ^
firm
*/', ■:/
j wf j
nuclear power station,.
Plans to build a reactor
MW pressurised water reactor ^ng foreign .technologjr are
(PWR), are at an advanced a t an. early stage, and no con-
stage. said the Chinese Minis- tracts have been awarded, but
try of Nuclear Industry. it could come on line sooner
■ Substatnial progress . has than the Chinese-built instal-
beezz made in the research, lation as Chinese e n gineers
design and trial-manufacture of -have little practical experience
J!:/'.
materials and equipment
Diplomats said .that it was
with nuclear technology.
The Chinese Government had
planned . to construct the apparently derided to compro-
reactor near Shanghai and that mjge by going ahead with a
Chinese-produced equipment Chinese-built reactor while at
would be used for the core and gam p time conti oulng with
other key sectors. .
Construction ' is reported to
plans to buy one from abroad.
One obstacle in selling
. -
ms/-
be at an early stage and nuclear technology to China Is
would probabli' take many that Peking Is not a party to the
years before the '.reactor was Non-Proliferation Treaty and
operational
China is also considering the
purchase, of reactor from
has refused to allow foreigners
to Inspect safeguards.
China- has had a nuclear re-
abroad as part of its nuclear search programme for about 20
Pjf 13 ?- A group of French years, but only in the past few
offinals is expected to arrive years has it shown an interest
jn Peking today to bid for a j n developing nuclear energy
slake in jl nuclear power * Qr commercial use.
station which' they hope will Beuter
Clean air and unspoilt countryside-from the Gas People.
]
(
8'
PRE
min
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■The
AMERICAN NEWS
Financial Times Friday; August 20- 198?'
AT & T accepts changes
to anti-trust settlement
BY ANATOLE KAJLETSKY IN WASHINGTON
THE US. District Court's pro-
posed mqjtfications to the Jus-
tice Department’s anti-trust
settlement with American Tele-
phone & Telegraph were for-
mally accepted yesterday by
both AT&T and the Justice
Department.
This clears away the final
obstacle to the break-up of the
world’s largest business enter-
prise into 22 local telephone
companies. The agreement ends
the 10-year anti-trust suit
against AT&T, which the two
sides accepted in January could
not take effect without the
judge's approval.
The Justice Department urged
the U.S. district court judge.
Judge Harold Greene, to recon-
sider one of the conditions he
laid down last week for approv-
ing AT&T’s voluntary anti-trust
settlement.
The original agreement pro-
posed by Justice Department
lawyers would haw prevented
the local telephone companies
from marketing telephone
equipment. This would remain
the preserve of the restructured
national group into which the
present long-distance, manufac-
turing and research divisions Of
AT&T are to be reorganised.
Judge Greene, in a ruling de-
signed to strengthen the finan-
cial viability of the new local
companies and reduce the costs
of local telephone services, said
last week that he would only
approve the settlement if several
lucrative activities were trans-
ferred from AT & T to the local
operating companies.
These included marketing
telephone equipment and the
SSbn fran chis e for yellow pages
advertising.
The Justice Department said
yesterday that M there Is a very
substantial competitive danger ”
In allowing the monopolistic
local operating companies to
market the more complex types
of telephone equipment
It asked Judge Green to post-
pone a decision on the kind of
equipment which the local com-,
parties could market pending
public hearings on the subject.
But Mr Ronald Carr. Deputy
Assistant Attorney-General for
anti-trust, said his department
would accept the judge's condi-
tions even if the marketing pro-
visions are unchanged.
AT & T announced at the
same time that it was informing
the court of its willingness to
accept all of Judge Greene’s
modifications to the anti-trust
settlement.
Congress passes $13bn cuts
BY REGINALD DALE, VS. EDITOR IN WASHINGTON
THE U.S. Congress has passed
the first slice of the $2S0bn
(£l64bn) in spending cuts that
it has set itself to find for the
next three years.
The Bill, sent to President
Ronald Reagan yesterday, pro-
vides for cuts of $13.3bn by
19S5 In programmes ranging
from pensions to food stamps
and Federally guaranteed home
loans.
Although it did not give the
President all the cuts he asked
for. the Bill was welcomed by
Mr Pete Domenici, the Republi-
can chairman of the Senate
Budget Committee,- as a "very
substantial down-payment" on
the overall expenditure cutting
exercise.
Congress has also now sent
President Reagan a $14-2bn sup-
plemental appropriations Bill
designed to keep a number of
Government programmes run-
ning until the beginning of the
new fiscal year on .October 1.
Mr Reagan has threatened to
veto the Bill on the grounds that
it allocates 5918m more to
domestic programmes than he
wanted.
The dilemma fqr Mr Reagan
is that it also contains an
amendment providing the 5350m
he wants to launch his much-
vaunted Caribbean Basin
initiative.
Senate Renublicans yesterday
warned Mr Reagan not to veto
the Bill and predicted ipaf a
veto would be overturned by .the
Senate; They pointed out that if
the BiU were not signed by the
end of tbe month, there would
not be enough money to pay
members of the armed forces.
Meanwhile, a Washington
Post-ABC news poll showed that
a majority of Americans oppose
Mr Reagan’s SlOObn tax Bill, on
which the House was due to
vote later yesterday.
Dominican
Republic bans
100 products
SANTO DOMINGO — President
Salvador Jorge 31aneo of the
Dominican Republic is banning
imports of approximately 100
products, ranging from cars to
agricultural products, he said
yesterday. The President, who
assumed office on Monday, said
he had imposed the measures as
part of a sweeping economic
austerity programme aimed at
reviving the economy.
The imports, ban is effective
immediately for one year.
Reuter
Pentagon has fresh plan
to protect MX missiles
BY REGINALD DALE,
THE Pentagon was yesterday
reported to be considering a
vastly expanded new plan for
deploying MX missiles to pro-
tect them from Soviet attack.
Officials said that details of
the plan were outlined to a
Congressional committee by
Mr Caspar Weinberger. Defence
Secretray, in closed session
The new plan would start with
deployment of 100 missiles, at a
cost of ?25b n (£l4.7bn), in tbe
"dense pack” formation
favoured by President Ronald
Reagan.
The theory is that by cluster-
ing the missiles closely together,
the Soviet Union would have to
target its warheads in such a
tight pattern that the first to
explode would destroy the rest
of the incoming missiles.
Later, however, the plan
envisages a further massive
range - of protective . measures
as Soviet missile technology
advances in the 1990s.
Apple steps
up drive
against
‘look-alikes’
By Louise Kehoe in San Frandsco
APPLE COMPUTER has in-
tensified its efforts to stamp
out what it sees as illegal
competition from Asian
“copiers” of its popular
Apple H personal computer.
The U.S. company has filed
for injunctions against four
companies in Hong Kong who
allegedly have been producing
computers that imitate
Apple’s products and selling
them for less than the price
of the Apple original.
Copies of Apple personal
computers built in • Hong
Kong and Taiwan have been
seized and destroyed by the
U.S. Customs service in San
Francisco, Seattle, Los
Angeles, Honolulu, and
Chicago, * the company said.
While fewer than 15 com-
puters are believed to have
been seized .by Customs offi-
cials, Apple says that it bopes
to ensure that larger, hetter-
capitallsed manufacturers will
be dissuaded by the seizures,
from entering! the Apple
“ look-alike ” market.
According to Apple, two of
the Hong Kong companies
have agreed to cease shipping
products that copy Apple.
The other two companies
have not yet responded.
While ‘the Asian companies
are small operations, each
producing only a few
hundred computers a
month. Apple’s chief concern
is to ensure that the Apple
“look-alikes ” do not reach
the UJS. • and European
markets where, the company
says, they could represent a
serious threat to its sales.
In the U.S., Apple's tfd Vo
obtain a preliminary injunc-
tion against Franklin Com-
puter, a Pennsylvania
company that sells an
“ Apple compatible " com-
puter-one that can use
Apple’s programmes — was
last week rejected t? the
court.
The Pennsylvania judge
said that a key element of the
Apple computer is not
covered by U.S. copyright
laws. While Apple says that
ft will pursue the case to a
full trial, the computer com-
pany's legal position in
protecting what It regards as
proprietary designs has been
considerably weakened. 1
Jimmy Bums examines the chaotic aftermath to the Falklands war
Argentina opens its
LESS THAN two months after tailor-made for the traditional
Qp ne ral Revnaldo Bignone political groupings such as the'
assumed the Presidency in the Peronists and the Radicals. In
chaotic aftermath o fthe Falk- his farewell speech the Air
lands war. Argentina's military Force chief insisted that his
showing increasing aim was to help consolidate
regime is
signs of disintegration.
Both President Bignone and
his army commander Gen
Cristina Xicolaides insist that
the military sackings over the
past few weeks are simply
institutional house-cleaning, a
democracy, not to obstruct it
Either Gen Lami Demo is not
telling the tnfth or else some
of his critics have made a
terrible mistake. But the
manner in which his succession
has been settled bodes ill for
predictable result of the official the future. The purge wfthin
enquirv into the conduct of the the Air Force has been more
substantial than first believed,
and the new leadership, based
around Brig Gen Augusto
Hughes, reflects a brand of
Right-wing Catholic nationalism
war.
But the enquiry has opened
up a Pandora's box of deep-
rooted interservice rivalries and
political ambitions. The com-
plexity of the military's troubles which has bad a traditionally
was epitomised by the removal strong influence in the service,
of Brie Gen Basilic Lami Dozo. One of its chief proponents.
Jordan Bruno Genta was killed
in 1974 by Left-wing guerrilla
groups. Genta’s main legacy to
the Air Force was a book called
"Counter Revolutionary War"
in which he blamed tbe ills of
the world on the French revolu-
tion, liberal democracy, and
freemasonry.
The Navy had added its own
particular ingredient to the
political melting pot. It moved
quickly last week to exploit an
incident involving Argentine
fishing vessels and British,
warships off the Falklands. *Kie
move was perhaps typical of.
Admiral Jorge Anaya, the only
surviving member of the
original junta.
Navy spokesmen drew the
attention of the local media to
the incident and left the Argen-
tine Foreign Ministry with little
option but to issue a formal
protest
The Army, as expected, has
emerged as the most bruised
from the Falklands war. It
adopted the highest profile and
suffered the most humiliating
defeats— the rout at Darwin and
Goose Green, and the final
surrender at Stanley.
the commander of the
Argentine Air Foree.
Of the three original
members of the junta who led
Argentina into war with Britain,
it was Gen Lam; Dozo who
appeared to emerge in the best
light, as it was his pilots that
wrought greatest damage on
the British --ask force. Yet it
seems that the Air Force's
success fuelled Gen Lami Dozo’s
political ambition and the envy
of his rivals.
Soon after the war. Gen Lami
Dozo publicly criticised the
nomination of Gen Bignone by
the Army and withdraw from
the military Government. More
recently the Air Force chief
called for the creation of a
military backed “ Official isr
Party to earns- on the " ideals ”
of the 1976 coup with which
the Armed Forces toppled the
Government of Isabetita Peron.
Gen Lami Dozo was criticised
by politicians and sectors of the
military for attempting to
sabotage Gen Bignone’s plans
for democracy and setring him-
helf up as a rival President
Gen Bignone had given his
approval to a political statute
President Reynaldo Bignone
Dissidents are manoeuvring
By moving quickly to isolate
some of. the alleged culprits —
including former President
Leopoldo Galtieri, Gen Mario
Benjamin Menendez, former
military Governor of Port
Stanley, and Gen Osvaldo
Garda, former commander of
Falklands operations — Gen
Nicolaides is clearly hoping to
defuse the collective responsi-
bility of the Army and re-
establish its shattered public
image.
But his assurances that the
unity of the armed forces re-
mains intact were followed this
week by the publication of
draft plans for an attempted
putech. allegedly obtained by
military intelligence.
Sr Iglesias Rouco. the Argen-
tine columnist who correctly
forecast the military invasion of
the Falklands. was sufficiently
convinced of the authenticity of
the plan to publish it on the
front page of his newspaper.
According to the plan, a
coup a group of j
colonels, and-iturar the backing :
of at least fistHsemor generals.
The "nam<s xfMhe plotters and a
the main policy oatilnes were ?
■ resaovetf : frimi fihe draft. ak {
though the - plot was described »
as broadly’ “ nationalist " tod ,
supported by certain civilian i
sectors.' . . . »
.It is becoming. Increasingly. *
evident that " the . Falklands. ,
debacle alone cannot explain *
-.tiie disquiet of groups of «nuy~ f
officers. It is no' longer just the ■
conduct of the war but he very :
permanence -of ..foe : military
regime that is being questioned.
There are currently dozens of
groups manoeuvring within the j
Armed Forces, with interests \
-which are' neither, mutually 1
exclusive nor '.of 'equal priority. 1
The most influential dissidents l
woufd back the plan leaked to j
Sr Rouco, seeking a" radical.
populist economic programmer-. I
A second group would .be {
inclined, to resurrect the !
liberal free-market policies. In
contrast to the nationalists, who
would place great emphasis cut
industrial development, almost
certainly hl^Uy protected, this ;
group would seek its backing
among the Landed interest i
groups and a\k«>werful lobby I
in the banking System. \
The second group would prob- .
ably have to resort to greater ]
political authoritarianism be- ,
cause its views are not shared ]
by the bulk of the population. .
However, the extent to which .
any military “putsch" might
lead to an eventual transfer of
power to civilians depends on
one major issue-r-human rights.
Fear that - political liberalisa-
tion might agitate demands for
a N' u re u berg-style judgment of
military personnel linked to the >
torture, murder, or “disappear- 1
ance” of many thousands or )
Argentines following the 1976 >
coup, tempers the democratic !
tendencies - of most officers. \
Union leaders threaten increased action
BY OUR BUENOS AIRES CORRESPONDENT
HARD-LINE union leaders in
Argentina yesterday threatened
to step up industrial action
unless the Government gave an
early response to workers’
demands for salary increases
and greater freedom for union
activity.
A statement from a sector of
the Peronist-con trolled General
Confederation of- Labour (CCT)
warned that further action simi-
lar to Wednesday’s 24-hour
transport strike could be
imminent because "patience was
running out.”
Moderate leaders of the CGT.
under pressure from their rivals
and an Increasingly militant
membership, yesterday held a
further round of talks with
Government officials in an
attempt to thrash out an agree-
ment.
The union leaders were
reported to have been promised
by Presidnet Reynaldo Bignone
on Wednesday night that the
Government would formally
repeal legislation restricting
union activity enforced follow-
ing the 1976 coup. There was,
however, no immediate decision
taken on salaries.
On Wednesday morning. Pre-
sident Bignone appeared to have
opted for a de facto lifting of
the ban, although he is believed j
to be under . pressure front!
certain sectors of the armed J
forces to adopt a tougher stand. -
Simultaneous strikes by bus
drivers and train workers passed
off without intervention by the '
police.. ‘ . •
. According to some Govern-
ment .officials, sharp differences
have emerged within the Cabi- ‘
net over wages policy.
A -
WORLD TRADE NEWS
: I
Spain withholds signature for fighters order
BY ROBERT GRAHAM IN MADRID
THE Spanish Government Is
withholding signature of a
S3hn f£1.6bn) contract to
purchase 84 FISA fighters
from McDonneli Douglas 1
pending clarification of Press
reports that excessive com-
missions were paid to secure
the contract
Tbe move was announced
by the Spanish Defence
Ministry following publica-
tion in tiie U.S. Press of
details of an alleged 84m fee
which McDonnell Douglas
intends to pay a Spanish con-
sultancy group for acting as
an intermediary.
The tLS. Press reports
qnoted Vice-Admiral E. R.
Seymour, Head of Naval Air
Systems, saying in a letter to
Admiral Howard Thomas,
then Chief of Naval Opera-
tions, that the terms, of
an agreement between
McDonnell Douglas and
Spanish consultants. Corn-
pan ia Aeronautica Espauola
(Casa) appeared to exceed
U.S. government limits.
McDonnell Douglas has
declined to comment on the
report other than to insist
that it has abided by U.S.
Government regulations.
In the letter cited,
McDonnell Douglas Is alleged
to have offered to pay $4m
In tranches of . $350,000.
Regulations inhibit 'payments
of more than $50,000-
The sole comment made by
Casa, so far, has been In the
. weekly magazine Tiempo last
week when one of its execu-
tives is quoted as saying it
expected a substantial com-
mission.
The Ministry, of Defence
statement said the Spanish
Government would be seek-
ing “ detailed information
concerning possible commis-
sions” — and would not pro-
ceed with signature of' the
contract until such informa-
tion had been satisfactorily
provided.
Richard Lambert adds from
New York: McDonnell Douglas
said yesterday that details of
Its arrangements with its
representatives were con-
fidential, and releasing them
could cause competitive
damage to the company.
However, it said that it had
provided the details of the
agreement between the com-
pany and its representative in
Spain to the U.S. Navy, which
had in turn provided them to
tbe Spanish Government.
Housing deal
sealed
TOKYO — Marubeni Corp and
Shimizu Construction said they
had jointly received orders
from the „ Singapore Govern-
ment's Housing and Develop-
ment Board for construction of
114 12-storey apartmeut units
worth Y60bn (£135m) in the
northern part of the island.
The project, claimed to be
the largest undertaken by Japa-
nese firms in south east Asia,
will take five years to complete.
Some 15,000 four-room apart-
ment houses, each covering
about 100 square meters, will
be built with prefabricated con-
crete.
Kyobo.
Singapore wants Malaysian gas «
BY WONG SULONG IN KUALA LUMPUR
SINGAPORE is to ask Malaysia
to sell natural gas to the island
republic, which is almost
entirely dependent on oil for
energy.
The matter will be discussed
when Mr Lee Kuan Yew, the
Singapore Prime Minister,
makes an official visit to Kuala
Lumpur from Sunday for talks
with Dr Mahathir Mohamad, his
Malaysian counterpart
Malaysia * has oue of the
world’s largest natural gas
reserves, estimated at 20 trilhon
(million million) cu ft off the
east coast state of Trengganu,
and is planning to bring some
of this onshore by 1984 to feed a
sponge iron plant and a power
station.
The Singapore plan would
involve building a 500 km pipe-
line to bring the gas from
Trengganu.
Mr Lee will also raise three
other proposals for co-opera-
tion with Dr Mahathir. These
are co-operation in setting up
Joint industrial ventures, co-
operation between the two civil
service training institutes and a
shuttle air service to .bring
Malaysians to Singapore and
tourists from Singapore to
Malaysia.
Mr Lee's visit reciprocates
the visit by Dr Mahathir to Sin-
gapore last Deecmber. and is
seen as a sign of tbe strengthen-
ing erf bilateral relations.
Dr Mahathir's visit was a
benchmark in Malaysia-Singa-
pore relations in that the two
leaders, who used to be bitterly
opposed to each other when
Singapore was part of Malaysia,
were able to establish close per-
sonal rapport, and settled many
of the outstanding bilateral ’.z
issues.
Singapore was in Malaysia in K?;
1963, but left two years later S*?
because political economic' and
personal differences were too
wide.
Lee Kwan Yew
Japan offer
of finance
for robots
TOKYO — Overseas companies
can use funds from the
Export-Import Bank of Japan
to acquire Japanese industrial
robots, the Japan Robot
Leasing Company said today.
The leasing company was
founded in 1980 by- the
Ministry of International
Trade and Industry with
major robot manufacturers
like Fujitsu Fanuc and
' Kawasaki Heavy Industries.
It aims to promote financing
of industrial robots in
Japanese industry.
A spokesman for the leasing
company said hank funds will
be available now to allow
foreign users to lease the
machines and then purchase
them outright.
Robot development in Japan
dates back to the mid-1960s.
■They are used mainly for
simple tasks in the motor and
electrical industries, but their
sophistication is improving
steadily.
However, the spokesman said
there could be no leasing to
■ Eastern Bloc countries
because of tbe regulations of
the' Co-ordinating Committee
for Export Control (Cocom),
the organisation which limits
strategically sensitive exports
from the West
—Reuter •
Portugal cancels
salvage tender
for container ship
BY DIANA SMITH IN LISBON
THE PORTUGUESE Navy has
cancelled tbe latest tender for
salvage of the container ship
Toiian. which has been em-
bedded in Lisbon’s Tagus river,
causing severe risks to shipping
since February, 1980.
The navy claims that an
Esc 250ra (£1.8nV) bid by a
Dutch company,' Wijsmuller Sal-
vage, is technically viable, but
too onerous financially— SO per
cent of the outlays would have
to be in' foreign currency.
A bid by the West German
company Neptune was rejected
on technical grounds. The navy
will now put out another tender.
Owned by the British concern
Sea Containers, the Toiian
crashed into another container
vessel at high speed, under pilot,
in heavy fog: It slewed into a
heavy-duty crane, wrenching it
from Us moorings, and over-
turned.
The vessel ■ drifted down-
stream, causing havoc in
waters used- heavily by com-
muter ferries and cargo ships.
The ship has since changed
owners frequently. Salvagers
have made several attempts to
raise it: among other items it
carried millions of Nigerian
banknotes.
Each effort has attracted
huge crowds and several tele-
vision cameras.
The last effort, earlier this
year, saw the furious outburst
of Sig Alberto Fellici, the
Italian entrepreneur who
acquired the Toiian and swore
to raise it. He vented his frus-
tration in colourful language
when the vessel refused to
budge.
• Fuji of Japan is considering
proposals from Eminco, . a
Portuguese concern. to
assemble Subaru mini-cars in
Portugal.
Eminco has a small assembly
line in Setubal for British
Ley land mini-cars, and appar-
ently has surplus capacity
which it hupes Fuji will
occupy.
Before the 1974-75 Portu-
guese revolution. Fuji had a
small assembly line in th*»
north of the country, which
closed down at the height of
the upheavals and never
reopened.
Turkey threatens to impose tariffs on imports of EEC iron and steel
BY METIN MUNIR IN ANKARA
THE TURKISH Government
will impose tariffs on some im-
ports from the EEC, its largest
trading partner, unless the com-
munity lifts the import ban it
imposed on Turkish T-shirts at
the end of last month.
A Turkish exporters’ delega-
tion is plannign to visit Brus-
sels early next month to negoti-
ate a compromise formula. If
this fails, the Government will
retaliate by imposing a 15 per
cent duty on EEC iron and steel
products, said Mr Seranet Pasin,
the minister of state in charge
of external economic affairs, at
a Turkish exporters’ meeting in
Ankara on Tuesday.
The community placed tbe ban
on the grounds that the EEC
was suddenly being flooded with
vast quantities of cheap,
medium quality Turkish T-
sfcirts to the detriment of . Euro-
pean manufacturers. It was
spearheaded by France, which
had imposed a quota oh Turkish
T-shirts in May.
The EEC’s ban, which halts
all imports of T-shirts, knitted
jumpers, pullovers, shirts and
blouses from Turkey will re-
main in effect until October 15.
The Turkish textile industry
fears that it might be extended .
until the end of the year, cans-
ing large scale bankruptcies and
delivering a crippling Mow to
the fledgeling clothing sector.
Turkey's textile industry 3s
experiencing a sharp recession
owing to depressed demand and
high Interest rates. It com-
prises hundreds of companies,
many of them low-capital sweat-
shops, and employs* about lm
people.
The clothing industry is prob-
ably tbe fastest growing in the
country and it constitutes the
largest foreign currency-earner
in the industrial sector. The
EEC is Turkey's largest market,
receiving SO per cent of the
ready-made clothing exports, of
which T-shirts are by far the
largest item.
CHINA has rejected a U.S. proposal for
restrictions on Chinese textile imports that
would reduce their average annual growth to
less than 1 per cent, according to the official
Xinhua newsagency, AP reports from Peking.
Xinhua called the U.& proposal “.very un-
fair and discriminatory ” and said China wants
to Increase textile exports to help overcome
its deficit in U.$^€hlna trade.
Four days of talks on a textile agreement
ended on Monday in Pekmg. Hr Peter Murphy,
the chief U.S. negotiator, said that despite
- recession in the U.S„ the growth of Chinese
textile sales has been "quite amazing”—
40 per- cent in 1980, 73 per cent in 198 1 and
45 per cent in the 12 'months ending in June
1982.
As part of efforts to keep textile import
growth, in ' line with the growth rate in the
UJS. domestic market he said, the U.S. asked
China to accept a, lower growth rate, addi-
tional limits on certain products and a revised
consultation mechanism.
Total clothing exports went up
from $156m in 1 980 (£9l£m) to
S384m last year. About 80 per
cent of this total wag made up of
items which now come under the
EEC ban.
Mr Finar Bakir, manager of
the Herteta export company,
said that the EEC was guilty of
miscalculation and putting
unjustified blame on Turkey for
its own textile problems.
"Instead of calculating that
Turkish clothing exports account
for only 3 per cent-4 per cent of
the EEC total, the Community is
looking at . the year-to-year
increase in. exports • from
Turkey.” be said. “Tbe EEC
would like to put the blame of
growing unemployment on the
increase of textile exports from
Turkey in 1980-81- This is wrong
and bears no relation to facts.”
Before the unexpected ban
came into effect, Turkey was
planning to raise its tot*l
clothing exports by about 60
per cent in 1982 to 5600m. The
target for 1983 was 8800m, and
1984, Slbn. '
Mr Eyup DyasogJn, another
leading exporter, called the
EEC decision "ruinous-” His
company, Ribatek, has DM 5m
l£1.2m) worth of contracts
from- -various European coun-
tries, which are now in
jeopardy.
"I am stuck with the orders
and the goods," he said. Unless
the ban -were lifted, he added,
many of the smaller manu-
facturers would go bankrupt.
Mr Uyasogiu feared that if the
ban continued until next year,
Turkey’s European customers
would start placing orders with
other countries.
However, Turkey has many
advantages, which its textile
manufacturers claim. Could
easily make It competitive with
the Far East and other clothing
producers like Portugal and
Greece. Turkey is a major
cotton growing country. Labour
is cheap and abundant, while
the cost of investment in
clothing Is low. The Govern-
ment is supporting the industry
with such incentives as tax
rebates, corporate tax dis-
counts. foreign currency reten-
tion and exemption from import
duties.
Exports ia general started
growing dramatically in 1980
when the Government launched
fc successful export-orientated
austerity programme. Turkish
exporters were hoping to use
T-shirts as a launching board
for the textile industry as a
whole.
" The man who comes to buy
T-shirts,” said Mr Uyasogiu
“will have a look around and
start buying shirts, trousers and
then clothes. In fact, this was
beginning to happen and that
is probably why the EEC got
scared."
The success of General Kenan
Evren's military regime's econ-
omic austerity programme
hangs on maintaining this
Increase in exports. For
this reason, the Government is
likely to put up a touch fight
to regain access to the EEC for
Turkish T-shirts.
41 The clothing industry has
the potential to generate several
billion dollars worth of exports
in a few years," said Mr Bakir.
“ It is unthinkable that we keep
silent in the face of the EEC
ban,”
Gen Kenan Evren: success of
the military regime’s economic
austerity programme hangs
on inereaslug exports.
&
- 1
Financial Times Friday August 20. 1982
UK NEWS
or
l Economy ‘likely’ Pressure
li for second
to stay sluggish Gatwick
f r terminal
tor rest ot year
Nick Garnett reports on one company’s success in the tough insulation business
Control is the key to contractor’s growth
MY MAX WILKINSON, ECONOMICS CORRESPONDENT
THE UK econ amy la expected
to continue to perform slug*
gishly for the rest of the year
according to the latest forecast
from the Economist Intelligence
Unit
However* the unit expects
activity to pick up next year
with growth accelerating up to
1984 and then moderating some-
what
The forecast, for the St
James's Club, is based, on the
Treasury’s economic model
operated by the unit.
The group's . report. UK
Economic Prospects, says: “We
see little recovery during 19S2
from the GDP i output) level
reached in the first quarter of
this year.”
The unit believes that when
the full data becomes available
GDP in the firs* quarter of the
year will show a slight rise
compared with the last three
months of 1981.
It says: “Tip impetus has
now ended, however, and we do
not see a further stimulus to
overall output occurring until
early 1983, when the fall in Teal
personal disposable income
comes to ar. end and consump-
tion leads to a modest
recovery."
The unit is a little more opti-
Cbr. ms fries
Contributions to
2- Growth of Output
farrmiiol IF THERE Is one thing which
I y7l II p 1 1 | obsesses Mr Joe Davis, eltair-
man ol Joesph Nadia Contract*
Mtcnaei Donne, - ing, it is centralised control.
Aerospace Correspondent ^ w ),j c jj Jj e points 10
as- the foundation on which the
PRESSURE ON the Govern- company, started in Its present
ment to approve development form only eighr years ago, has
of the second passenger built its rapid growth,
terminal at Gatwick is growing The Joseph Nadin group Is
he saw at the Norbury group insulation industry. He
which collapsed in the early chased assets . from
1970s. He was an area manager liquidator for fl
pur* plant
i the Control is applied to site
fl2.M0, management, labour and con-
,000 for tracts. “You need to train
the cost of taking on eJftra men.
“An inexperienced man super-
vising may niiis -.ume of this if
he is taken for a nde by the
there working on insulation and borrowed a further £20,000 for tracts. “ You need to train * s taken for a ride by the
became a director of one of working capital, and bought the managers to come up with the mechanics! engineering man* \
Nurbury’s companies just name Joseph Nadin which had truth and the pertinent fans 3S*? r " I
Nurourys companies just name Joseph Nadrn wmen had truth and the pertinent fans
before The group's demise. been an insulation contra ci ing . «tni?hr a wav,” ssvs Hr Dans.
If.-. _a. • _ _ _ _ e > 1 . . 1 ~ - ,| . ■ " — p ■ .<
He puts part of the blame for company in the group. ( The company stresses the
the group's collapse on its top- He concedes that using the need to have supervisors who
structure
so name greatly assisted
among airlines using the air- expecting its .turnover this year inability to keep a proper check company” in gettin,
port, with the support of the to reach flS.Sm. It holds 20 an what was happening in the ground in 1974
faiuMtmsnt
I ' Exports
Psraonai f r
^ Consumption I ^
‘ PubSc k
Consumption ■
. Compromise [•
Adjustment
Factor Cost
Adjustment
2"" • Imports
M halt rXJcn fir Jt half 1961
election.
This budget- is assumed to
British Airports Authority.
The terminal which would
per cent of the UK’s industrial
thermal insulation market and
cost more than £150m and raise has become a serious competi*
the capacity of the airport
from the present maximum of
16m passengers a year to -25m.
is considered -a vital part of the
tor in insulation work for oil
and chemical installations to big
names such as Cape.
. The insulation industry is a
on what was happening in the ground in 1974
“"Yiu' don't n*M all that set ' Frcm a *«***" P rofiT flf ot £" ‘ T J e ia(
of mm and a ® DW Qf Tl'^ e hy ■*?
monev from ^e iob onfite and £242.000 deriving almost solely tractors on site.
- from insulation maintenance, for site man
the can lightly control the lagging
the operation on sit?. “ If he’s
yreen he'll be taken advantage
0 f of by -the labour force and
of maybe fcr mechanical con-
long-term strategy for the air- tough business, and that robust-
ports system in London and ness sometimes manifests itselF
south-east England. • . in serious strikes and hard—
It is nearly two years- since some might say dii
the public inquiry into The mg among contrac
planned development of construction sites.
Terminal Two was completed It- is that han
and almost a year since the environment which
report containing the inspec- aged Mr Davis, hir
tor’s recommendation to go time insulation engji
ahead was published, .but no tice and a former
1 derision has been taken by the the General and
Government. Workers Union, tq.
The Department of the jibe's headquarters
Environment earlier - this ter holds a very ti
summer asked those interested the company’s busin
in Terminal Two To make t* a ] s0 * prod
construction sites extra work. And so n didn’t. graniroe for Shell’s new Higher
environment which hasencour- “ Tf you do,,,t get ^ ,ys ' ° feflns P lant at . StanI °^ , are
ll^ufSavTsbimVeir Toni inning the operation on site among recent major contracts.
time insulation engineer appren- who know what they are doing, Joseph Nadin made two pur-
tice and a former member of T hey 11 en , d up falling to manage chases last year: tiie specialist
non»»rni anu Munirinai ll properly within the first few welding contractors Fill lcl iff
that's what you have to control,” .
«»« Mr nnvi< JuC- last year had .
Arn •. « of £530.000 and i
JNC says .at could have £$£m.
increased its turnover last year \ three-year £7n
by up to a further £im, but did gp’s Suilom Voe
not do so because it did not ft 7m contract
For site manager?. Mr Davis
JUC last year bad pre-tax profits points tc tne dangers of bein?
of £530.000 and a turnover of fitted into accepting
£8-2m unproductive labour practices
In reverse, an experienced ;
insulation agent on siie may try I
to rake the mechanicals for the j
same ride. :
The company has instituted a ']
management Training pro- 1
gramme. Ir also has a policy of I
recruiting its manual labour :
force direct from the Man- I
Chester office rather than on
site. This, it says, helps prevent /
too close an allegiance between j
an individual group of workers ■
and the contract site, which can j
some might say dirty — bargain- have enough, competent site
ing among contractors on big level managers to take on the
£l.7m contract at Mobil’s
refinery at Coryton, and a
just-completed Insulation pro-
gramme for Shell’s new Higher
Olefins plant at Stanlow are
among recent major contracts.
Joseph Nadin made two pur-
lhe mechanical engineers.”
That is never more so than
when changes are forced an the
either for their own benefit or
3j a threat which JXC can use
Against people ii considers
potential trouble-makers. “It
completion programme of a con- gives us a lot of flexibility on
tract by design alreraiinns or nianugiog labour,' 1 says Mr
the General and Municipal 11 Tuopeny wiinm iwnra inv
Workers Union, to insist that months. It will then ; be ‘in sutb
jNC’s headquarters in Manches- 3 mess you can t retrieve It.
other circumstances.
If lagging work has to be
properly within the first few welding contractors FiiUcliff If lagging work has to be lie stresses, though, that
onths. It will then he in such pjp eS 0B South HttmbersidK, speeded up because the s’chedule underpinning all this, the com-
mess you can’t retrieve it. aud Chemicals Trading, the has been squeezed by eMnnenus paiiy uuist maintain very tight
When Mr Davis left Norhmy latter an iniRprfing agent for factors, an insulation contractor sue-by-Mte at-couniin^ conrruls
further submissions.
ter holds a very tight rein on
the company’s business.
If is also a product of what
speeded up because the schedule underpinning all this, the com-
has been squeezed by e?:tnnemis pan.v uuist maintain very tight
he look with him his experi-
ence and contacts within the
insulation materials. It also
has iis own metal fabrication
could he in a position to make on material purchases, labour
cadi claims, perhaps to cover and material eu»is.
bring about a cut in value reason was that, because of the
added tax to 12.5 per cent, the
abolition of the employers’
recession, forecasts of air
traffic growth in the UK to the
National Insurance Surcharge end of this century had been
with a lowering of interest revised downwards.
Inquiry into £30m Billingsgate Market scheme ends
mistic than it was at the time of
its last forecast in the spring Q e assu ™Ptiou of an outright
about productivity, which it now and more
thinks will rise a. about 2 per r «tncnve pohaes.^^ ^
cent a vear pomnarerf with T tw»t v - uu » .Mamuyuun
cent a year compared with l per wou]d moTe SJow } yi with
It’ expects, unemploment to * PJ* “Pft «!
reach a peak of }Sst over- 3m . ttSSi
(excluding school leavers) early ^
next year and to decline there*
rates, and a 5 per cent devalua- However, it is now uni-
tion of sterling. versally ' agreed in the air
However the unit has also transport, industry that, In spite
made an alternative forecast on oF the recession, the long-term
the assumption of an outright outlook for air travel remains
Conservative victory and more good. Growth is expected to be
restrictive policies. sufficient .to justify additional
On this assumption output terminal facilities at Gatwick.
would grow more slowly, with - This view is supported in a
a peak annual growth rate of letter from .Mr Alastair Pugh.
after.
The unit's central forecast of
•Unemployment would con-
tinue to grow throughout the
improved grou'th rate from next £"S2 r™L u l«* 9 * e ’ bu J
ared managing director of British
aore Caledonian Airways, the big-
gest single user of Gatwick, to
con- the Department of the Environ-
tbe inept this week. •
but Mr Pugh says that in BCal’s
a number of jSilicaAssmnp. Sts * lower * reaStin- fn mt0 *** hands of tho
tinns. It believes that public T ^ « Vi-ILtVZ ° n , rhe Continent w
expenditure is likely to exceed "H?* 1 «5 at JS welcome warmly t
the Government^ ‘tarset for 198 ?'. c ?. mpare J d per placed from London.
the inflation rate would be run- view further delay will
ndihire is likely to ex
Government’* target
into the hands of those airports
on the Continent which would
welcome warmly traffic dis-
n‘St year. It has also assumed ^ on
that in spile of extra spending 0 ° ^ ^ tS J
there will be a tax cut In the J 222?;
next Budget, reducing the stan-
dart rate nf income tax to 27p dampened
in the pound.
“Tax cuts will enable the
Government to claim it is meet-
ing its election pledges, and will
give a timely boost to the
economy and will help to
reverse the rise in un employ-
1982 I Fonne^ BL men
Mr Pugh says BCal is con-
vinced that a second terminal
at Gatwick is “a matter of
urgent necessity.”
• Britannia Airways has been
. FINANCIAL TIMES REPORTER
PLANS FOR a major refur-
bishment or London's historic
Billingsgate Market now rest
with Mr' Michael Heseltine,
the Environment Secretary. ■
A public inquiry into the
£30m scheme, which involves
converting the market into a
tourist attraction and build-
ing a modern office block
alongside, ended yesterday.
Unlike other schemes for
development on Thamesside
the Billingsgate plans, pro.
posed by the S & W Berisford
Company and the London and
Edinburgh Investment Trust,
have generated little outright
opposition.
Both the City of London
Corporation and the Greater
London Council favour the
proposals. The Royal Fine
Arts Commission has not
objected to the placing of a
stepped block of offices, clad
in solar reflecting glass,
beside tbe ornate building
designed by Sir lloraee Jones
and finished in 1878.. The
market is a grade one listed
building.
The Covelf Matthew*
Wheatley partnership is re-
sponsible for the design of the
project
At the inquiry'- which lasted
just three days, the Victorian
Society and the pressu re
group SAVE were the only
objectors.
They argued that plans to
change the interior of the
market building to allow tbe
provision of modern suites of
offices would destroy its Vic-
torian character.
The developers are plan-
ning a mix of shops, ' bars,
restaurants and offices in the
old building. The new block.
Which would lie built on whnt
is currently a lurry park,
would provide offices shops
and a “ winter garden,**
Tbe Billingsgate site,
bought tiiis year . from
the City Corporation, became
a d evelopment possi b i I ity
following the fish market’s
move to the Isle of Bogs.
Earlier proposals for the
site included - plans to
demolish the market building.
At one time the present
developers proposed to house
the Loudon Commodity
Exchange In the market hall.
That 'idea has now been
dropped.
Mr Ifcselrine has the final
say on the proposals. It
remains to be seen whether
he agrees willi Hie Greater
London Council, which this
week described file project as
“an opportunity for London-
ers to enjoy this historic
.place in a ckilised and
Attractive atmosphere."
The developers, who hope
to start work on the site in
December, are eager for an
early decision by Mr
Heseltine.
They also hope history will
not repeat itself. TVhen tlir
market building was built Its
final cost exceeded the
original tender price three-
fold.
• Plans for a new multi-million
pound Al-Ml link were yester* t
day attacked by the Royal Auto- 3
mobile Club.
The RAC Is upset that parts
of ihe road, planned to run
Hi rough Nurilunnptonshirc and
Cambridgeshire, will be single
carriageway.
Mr Tuny Si eel, spokesman J
said: "This is a further example '
of the problems caused by i
cheeseparing policies with in- j
siitliclvut resources for the road t
programme, in spile of the im- r
Diense £7bn surplus from motor- j
ing taxation." •{
A single carriageway road i
would cause serious problems [
and the RAC would continue {
tu urge that the entire route |
be constructed as a dual car- j
ri ageway, he said.
net increase in stocks is
expected to contribute about
£1.75bn ar 1975 prices to the
growth in total output. How-
ever, this will be offset almost
Government to run inclusive A UlUlLi tru
tour charter flights to Lamaca, _ _
and later also Paphos, fpom laUDCl! OWDl
Newcastle, Edinburgh. Cardiff.
Bristol and Glasgow. rnAi4r one
1918 "Taisho Marine” 1982
JC'CIPC MIC 1 III UIJCAJKfJiVjr- - . . . , . •
ment during 1983. The latter entirely by an increase in the
sports car
point is particularly important.”
_ it says.
Hie unit has also assumed an
balance of imports over
exports of £L6bn- •
UK Economic Prospect quar-
m Rolls-Royce will be showing ^
the RJ-500 engine for the first
time in -public at the Farn- THREE former BL
borough
workers
expansionary Budget in 1984 terly jVo 2 August 2982, The
following the emergence of a
Conservative coalition with the
Alliance party after the next
Economist Intelligence Unit,
27 St Jmnes's Place, London
SW1 INT.
eiKk’r
TWO PATHS FOR THE UK ECONOMY
(annual percent increases unless otherwise stated)
Main figures central forecasting assuming expansionary policies arid
Conservative/ Alliance coalition after next election. Figures in brackets
assume continued tight policies with outright Conierfative victory.
September 5 to 12. The engine,
being developed in conjunction
with the Japanese aero-engine
industry, is the power-plant for
the prospective new generation
of 150-seat airliners planned for
the late 1980s and beyond.
from yesterday launched the 1930s-
Output
Inflation
Unemployment
(adults in millions)
Public borrowing (£bn)
Current balance
of payments (£bn)
1983
73 (2.0)
7.7 (7.1)
1984
3 3 (2.5)
7.2(42)
1985
2A(1.8)
8.2(41)
2.9 3.0 (3J) 19(3.1) 2.7 (3.1)
8 A 10 J (6.7) 12.9(5.6) 102(34)
1986
1.7 (1.6)
8.7 (7:0)
2.7(33)
8.2 (5A)
3 3 (4.1) IS (4.2) 08 (3.2) 2.7 (19)
Nuclear reactor
starts up again
BERKELEY nuclear power
station in Gloucestershire was
yesterday producing electricity
for the first time in more than
a' year. The 20-year-old station
had been shut down completely
while tiny weld cracks were
being repaired in its two
reactors.
sssrsssss- ,==, 1 1 APPOINTMENTS
nd
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era wms mvuns do BIRO, oa pordeeanslfle-
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esa Cooantnea esuo 1 aepadcio d» Mens-
Sd M. ptni coiBolu. na COflSAU. SoparifflCB-
(ttndaM U£«cfl«s.ina Cdflts Junior tUWBt
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mb/UWA 30* JuBod#1982
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SnpBWaWfcUciiatfbs
Subsidiary posts in
Hogg Robinson Group
Mr P. Deebank has been
appointed a director of Hogg
Robinson Ibiernationa} & Re-
insurance' (Services). Mr D.
Herrington becomes a director
of Hogg Robinson & Gardner
I Mountain (Marine). Mr D.
lumber has been made a direc-
tor of Hogg Robinson -& Gardner
Mountain (North American &
’Aviatipa). Mr J.- Mitchell Joins
the board of Hogg Robinson &
Gardner Mountain (Reinsurance
& Non-Marine). All four com-
panies are part of the HOGG
ROBINSON GROUP..
*
national reinsurance under-
writer.
*
Mr Keith Lewis has been
appointed a director of GRAND-
FIELD RORK COLLINS FINAN-
CIAL. Mr Damian Rollo-Walker
joins the company as an asso-
ciate director.
★
Mr Ian Bunting has been
appointed regional sales manager
for the north west for URM
(UNITED KINGDOM). He was
a - national account manager at
J. R_ Parltington.
‘ +
w Joining the board of CARR'S
DAN-AIR director Mr Danny MILLING INDUSTRIES from
Bernstein has been appointed September 1, are ■ Mr D. B.
commercial director. He will be
style sports car they have spent
14 months designing and build-
ing.
Mr Dave Ashley. Mr Ken
Jones and Mr John Barlow j
pooled their severance pay to
set up JBA Engineering after
they were made redundant by I
Leyland Vehicles’ Spurrier fac-
tory at Leyland. where they had
all worked as draughismen.
They built their first proto-
type of the car at a small work-
shop at Bradev Hall trading
estate In Standish, Wigan.
Yesterday it went on show at
a trade fair at Wigan Technical
College, and the response was
so good that the three are
planning to go into production.
The car, so far unnamed, is
an original design.
CONTRACTS
BBC orders
£lm aerial
feeder
THE BBC h3s placed a contract
worth more than I'liii wilh FAR
ACOUSTICS. Bridport, for
20.000 metres (more Ilian 12
miles) of special radio-frequency
aerial feeder at the Ramplsham
'transmitting station in Dorset,
used to broadcast External Ser-
vices. The new Tceder will be
used to cany the signals from
the transmitters to :t-f new short-
wave aerial systems which will
beam the programmes around the
world. The feeder will be in-
stalled during the next 21 years
as part of the major redevolp-
ment of ih transmitting station.
★ *
British Telecom has placed an
order worth f.100.000 With
responsible for the IT (inclu- manager of Robertsons (Bakers),
sive tour) jet charter commer- and Mr J. E. Tudor who joined
Armstrong, director and general ' y p AMiNrTONfor three
manager of Robertsons (Bakers). J-™ 0 ' FARRJNCTUN for mree
and Mr J. E Tudor who ioined high *pe*d °'- R document
’Wnwta^tewideSoBz*
I cial department . Carris Flo
. will shortly
responsibil
EXCESS INSURANCE GROUP sion. Col
has made the following appoint- will retire
meats: Mr Stewart Malcolm from the 1
Coutts, deputy chief actuary: Industries.
!Ur Duncan Faircloth, North -
American treaty manager: and Mr Cbr,
Mr John Daly, deputy inter- general ms
Carr's Flour Mills in 1980 and readers. The av srem will be
j>
ri
PETROLEOS MEXICANOS
■ . ^O#ewWi^Pi^A0eMyc<i»tWwd«i»c«St£BaB)
U^. *1 00,000,000
nopthiB b«» Du. 1 *08
,fE MnIi b te atNotetiBMra’AOpliBBtoMBt.'tta^«d79W
In Kcnnfence with tiie terms and conditions of the Notes and
the provi si ons of the Reference Agency Agreement between
Fettoteot fitexlcenos and The Industrial Bank Of Japan, Limited
<feted Augu9t7, 'fS81 notice is hereby grren that the Rate of
Interest forthe third Interest Period Iras been fixed at pa,
and that dte Interest payable on the relevant Interest Pay m ent
Dalftfiebtuafy 1983 against Coupon No. 3 wd be US$709.17
andtesbeenoorr^uiKi on tta actual number of days elapsed
lMdWtfedby38(L.
Au$B»t 19,1982
By Tl» Industrial Bwk of Japan, Lknited, TD V
Reference Agent Singapore Branch ’
will shortly assume overall !■«»«*
responsibility for the flour divi- computer centre and n^ed to prih
sion. Col, Alexander Matibew cess manually-created^ dCK-iiment^
will retire in January and resign. owe rst 0 rs ^ 1 m e d T el ep one
from the board of Carr’s- Milling cal's. Liindy-Farnngron is the
Industries ' European subsidiary of Lundy
industries. ^ ^ Electronics and Systems Tnc.
Mr Chris. Johnson', formerly m * . *. ,,
general manager of Wood Group The Mersey-nde and -’orin
Structural Coatings, has been Wales Electricity Board has
promoted to the new post of ordered a pomi-of-ole and head
executive assistant to WOOD office receipt m? system worth
GROUT 5 chairman and! managing £500.001) from PHILIPS BUS],
director. Mr Ian Wood. Mr Bill NESS SYSTEMS. The system
1 Ranson becomes structural coat- comprises a pn inr-or-sa I e terminal
ings general manager, which will he lnsiajiea in G9
* ■ shops ami district offices, and is
Mr K. M. Morris has been driven at each location by
appointed manager for the special Philips’ PTS G911 workstation
contracts division of GROUND controller.
ENGINEERING. Boreharawood- -■ ~~ — ~ ~
based geotechnical specialist com- j”~
pany within the John Laing INTERNATIONAL BIDDING
Group. He was London manager NIPPMinrilCf!
for Laing work in Jordan and mrrHHUtliaw
Nigeria. ^ COMPRESSOBES LTOi.
Sir Rer Richards, Warden of « looking for manufacturers
Merton College, and Vice Chan- machines and equipment
cel !or of the University of Oxford destined for the production of
from 1977 to 1981, has been car air conditioners to implant
appointed a non-executive dtreo- an industrial plant located in
tor of the OXFORD INSTRU- Curitiba— PR.
MENTS GROUP. Mr Antony j^ e interested manufacturers
Costley- White, managing direc- write to Rua Abilio Soares,
tor Of Oxford Medical Systems 34]— I’A— ^ala A— Sa© Paulo—
becomes an executive board sp— B razil — CEP. n°. CHOCS,
member. '
-• •* Message fnwn President Takeru Ishikawa
jrifiKW Rfc. During ihe year under review, the Jjpa-
f nese economy remained as a whole in ihe
'm' • « doldrums from the previous year with bufi-
■ ness showing signs of sugiuiioo. Domesiic
■ /j ' demand centered on consumer spending
' .’t . • was sluggish w hile exports, which had been
. /“** .jx, favourable, slowed down.
,h ' s environm - n ^ ^ managed to
achieve ibe business resulis shown below
ttllGn bv ' i S° rc,l,sI V promoting our sales ami
methods of roauageraem, helped by the
JBn reputation that we have established during-
■Hi Sa flH the period of more than 60 years since our
founding. On 1st April. J9$J. your Company increased its capital stock to
¥33.000 million. We take this opportunity to express our wholehearted
thanks to our stockholders who have, by their unstinting support, made
possible these accomplishments.
It will become increasingly necessary' for the Japanese economy to steer
a careful course in an inicrnjlional environment aggravated by growing
political uncertainties and a stagnating world economy. Ii is expected,
however, that ihe Japanese economy will overcome these obstacles and
show steady development. Meantime, non-life insurance js expected to
play an increasingly significant social role in stabilizing the people’s live-
lihood and supporting the smooth development of industrial activities.
In this situation, we shall endeavour to expand our business with a
more precise grasp of our customers’ needs. To this end. we shall actively
promote various measures for the development of new services and the
strengthening 3ttd expansion of our sales and service network. We shall
make ever-greuter ellorts for efficiency in management and business
growth.
Jn the field of overseas business, we are working to provide the services
sought in various pans of the world and to expand our business network
in answer to the demands of our clients.
We would like to take this opportunity to ask our stockholders for their
continued kind support and cooperation. •
Business in General:
Jn ihe fiscal year ended 3Tst March, J9SJ. business as a whole remained
stagnant a> export- and consumer spending were sluggish and private
imchimem in plain and equipment was curtailed.
In this economic eiv. ironmeni. we direcied positive efforts to Improve
the substance ol our insurance (0 meet the demand oft he customer, and
expand our sales and service neiwor): by esiablishing new branches and
sub-branch olfu.es. All such ellorts. together with our measures towards
elieLine operations. ini.luding rationalization oi'.clencal work and reduc-
tion ol operational cr.sls and expenses resulted 1 or the period under review
in the Company 's performance as follows:
Net premiums written for ihe year were L’SSl.P6 Q ,0ld thousand, a
5.7 : j increase uver ihe previous year. Toul assets at the year-end were
L'SS.'.>>..721 thousand/ an increase of USSJtO.?61 thousand over ihe
prior year-end. The net income for the year was L'SS5o,5u2 thousand.
The situation surrounding Hull Insurance was extremely severe.
Although there was an increase in premium income relative to oceanic
development by the shipbuilding industry', premium income from the
shipping industry, which (onus the mainstay of Hull Insurance, remained
stagnant due to the sluggish increase in the total number of bottoms, in
this situation, we continued to direct our efforts towards strengthening
our business' foundation and, as a result, we were able to increase our
net premiums written by 3.0V* over the previous year. However, the loss
ratio increased from the previous year due to frequent occurrence of
heavy claims.
Cargo and Transit:
Jn respect of Cargo and Transit Insurance, export cargo premiums
increased steadily on the whole, but import and coastal cargo premiums
were stagnant due to sluggish domestic demand. As a result of our efibns
towards strengthening our business foundation to develop -new contracts
and to renew old ones, both our cargo 2nd transit premiums were
favourable. Our net premiums written increased by 7J u :. over the previous
year. On the contrary, the loss ratio increased from the previous year:
Fire and Allied Lines:
In respect of Fire Insurance, despite stagnation in new housing con-
struction and investments in plant, equipment and Inventory stock, as a
result of our positive operation efforts to open up new customer demand,
the decrease in net premiums written was minimized to ].3“« compared
to those of the previous year. The loss ratio increased slightly from (ho
previous year due partly to the decrease ia premium income.
Automobile:
Automobile Insurance was placed in a severe environment due to a
slowdown in new car sales, but as a result of positive business efforts to
develop new markets for Automobile Insurance, net premiums written
increased by 5.1 * over tbe previous year. However, the loss ratio in-
creased from the previous year.
Compulsory Automcbile Liability:
■ Regarding Compulsory Automobile Liability Insurance, new car
registrations remained an 2 low level continuously from the previous year, 1
but in view of the public nature and social implications of this type of
insurance, we made great efforts 10 expand our business network and
carried out positive business activities. As a result, the net premiums
written increased by 9.1 ’Ij over the previous year.
Other:
Regarding other lines of insurance, we directed greater sales efforts to
Family Traffic Accident Insurance with Refund and worked to open up
new demand for Workmen's Compensation Insurance and Liability
Insurance. The result was that net premiums written increased by lUfr
over the previous year and the loss ratio improved.
Overseas Business:.
Our overseas activities were marked by an expansion of business. In
Bahrain, a joint venture with local capita! interests. Arab Japanese ’
Insurance Company Limited E.C., was established, while liaison offices
were newly established in Houston, Al Khobarand Beijing. Also, increases
in suff members were carried out in the Singapore Branch Office and
liaison offices in Hong Jumg, .Manila and New' York,
Investments:
Our funds operation was placed in a severe situation because of lower
interest rates and slowdown of fund demand from industries, hut by a
favourable increase in our available funds and a flexible deployment of
resources to meet the ever-changing domestic and overseas "financial .
circumstances, our investment income; net of investment expenses,
aggregated US$9 1,599 thousand.
1 INTERNATIONAL BIDDING
NIPPDNDENSO
COMPRESSORES LTOA.
is looking for manufacturers
of machines and equipment
destined for the production of
car air conditioners to implant
art industrial plant looted in
Curitiba-— PR.
The interested manufacturers
may write to Rua Abilio Soares,
36 1 — I ’’A — sala A — Sa© Paulo—
SP.— Brazil — CEP. n’. (H005.
[ BALANCE SHEET (as of 31st March, 19S2) tJt DB
Liabilities and Stockholders’ Equity
(Dollars in ■ thousand:. I
(Dollars In thousands)
19S?
Investments §2,(£3.437
Cash and cash items 153,866
Net premiums receivable
and agents’ balances .■ 142^07
Properly and equipment,
net of deprecation :- 221,478
Deferred policy acquisition costs 158,615
Olher assets jS 241S
Total S3.552.72l
im
4-0.215
127,275
32SD97
191.790
147,919
215.U04
3.290.100
Losses and claims
Unearned premiums 5S73S*
Jn vestment deposits by policyholders 41 idl)9
Accrued income tries 608.S50
Other liabilities • 2S0.6S1
Siocliholdera’ equity 1.261,887
Total
19S2
J*WJ
$4111,1136
$87,858
561,18b
411409
3043591
608.8.10
645,198
2S0.6S1
262.523
1 .261,887
1,191,505
S3.552.72I
3.290360
★
TAISHO MARINE AND FIRE INSURANCE
COMPAIMY. LIMITED
TOKYO, JAPAN
77m animal report w ill be available at Hombros Bank ami our London Liaison Office
4
.Financial Times Friday August 20 1982
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UK NEWS
Isle of Man
statement
on bank
collapse
Bank loans to private sector rise
Our Banking Correspondent
THE ISLE OF HAN Govern-
ment will make a statement
today on the collapse of the
Savings and Investment Bank,
the island's biggest indepen-
dent bank, and the implica-
tions for the island's plans to
develop as an international
offshore hanking centre.
SIB dosed Its doors on
June 25. About 1,300 small
depositors stand to lose
several million pounds in the
biggest bank collapse in the
tsland's history. There has
been pressure on the Govern-
ment to institute an inquiry
into the bank's affairs and to
hall oat small depositors.
The Manx Government
tried to mount a rescue
operation at the start or June.
This faffed when English
dealing banks refused to
support it. Unlike England,
where depositors are pro-
tected by the recently-
instituted deposit insurance
scheme, small depositors in
the Isle of Han are not pro-
tected in a hank collapse.
Mr Peter Hume, the
Government Secretary and
effective head of the OIpp
Civil. Service, wilt release tbe
statement shortly after lunch-
time today.
It is most unusual for the
Government to make state-
ments on these matters. The
decision reflects its awareness
of the gravity of the situation,
.which has damaged confi-
dence in the island's financial
probity.
Meanwhile SIB’s liquida-
tors have circulated 150
questions to the bank's
directors and intend to
question them individually.
MY MAX WILKINSON, ECONOMICS CORRESPONDENT
BANK LENDING to the private However in the banking helped by a net outflow of £656m
sector rose sharply in" the five months of May and June the (seasonally adjusted) into
weeks to mid-July to nearly underlying rate of increase in foreign currencies.
£I.5bn, according to official lending halved to about £lbn a _ In the month, UK residents
figures yesterday. month, and there was some opti- increased their foreign cur-
The rise caused some anxiety mism that a new lower trend was rency deposits by £800m but
in the City about the Govern- emerging. in spite of this the effective
The July figure casts some exchange rate of sterling
doubt on this. Mr Michaei Birks, remained fairly steady,
economist with the broker, Mon- Yesterday’s figures showed
tague Loebl Stanley calculates quite a sharp increase in tbe
that, if bank lending continues non-interest bearing com-
^ at this rate and if the authori- poneut of Ml, the i narrow
money supply aggregates have ties want to keep tbe money measure of money. This highly
been growing comfortably with- supply on target; they will have liquid component of the money
in the Government’s target to sell perhaps £5bn of gilt supply was expected to
edged stock in addition to that
needed to fund public borrow-
ing.
In July, heavy sales of gilt-
edged stock amounting to
£1.06bn with a further £180m
purchases of National Savings
helped to keep money tight.
The money supply was also
ment’s ability to stick to its
monetary targets for the rest
of the financial year.
However, the latest monthly
figures from the Bank of
England showed that the main
UK MONET SUPPLY
Per cent increase
Feb to July
July at annual rate
Ml °- 9 I,
Sterling M3 0.8 ’!
PSU 0-5
Union seeks
end to
secrecy on
De Lorean
By. John Griffiths
range since Februaiy.
Between February and April
there was great anxiety in
Whitehall that the rate of bank
lending, then increasing at
about £2bn a month on a season-
ally-adjusted basis, could blow
monetary policy off course if it
continued.
increase as interest rates
started to fall.
With lower interest rates
there is less incentive for
people to transfer balances
into interest-bearing deposit
accounts.
On the other hand in recent
years the broad measure of
Ml is the narrow measure of money;
including notes and coin and bank
deposits, which do not require
notice of withdrawal Sterling M3,
the broad .measure, includes time
deposits in addition. Private Sector
Liquidity 2 (PSU) measures private
sector bank deposits and deposit*
with other Institutions, including
building societies.
sterling M3.
money
behaved perversely with re-
spect to interest rates. It rose
when interest rates increased
in 19S0 and 1981.
Spending on takeovers highest since 1979
BY CHARLES BATCHELOR
Hopes fade
for Manx
gas discovery
BRITISH COMPANIES went on
a takeover spree in the second
quarter of this year. They spent
more on acquisitions than in any
period since the end of 1879.
But with a small number of
very large acquisitions distort-
ing tbe figures, the number of
companies acquired was lower.
Many of the takeovers were
sales of subsidiaries between
company groups, and fewer
independent companies were
absorbed.
Statistics on takeovers in the
three months to the end of June
are published in’ today’s issue
of British Business, the official
weekly magazine of the Depart-
ment of Industry and Trade.
The magazine reports that
108 companies were acquired
In the second quarter of this
year for a total of £720.1m. This
compares with 128 companies
bought for £522.1m in the first
quarter.
■ The final quarter of 1979
remains the peak period for
mergers and acquisitions in
recent years, with 140 companies
acquired for a total £752.3m.
Spending on the acquisition of
subsidiary companies trebled be-
tween the first and second
quarters this year to £238Jbn,
while spending on the acquisi-
tion of independent companies
was only 9 per cent higher at
£481.9m.
• The extremely high level of
spending on subsidiaries was
largely due to five transactions
of over £10m each of which
totalled • just over £180m,
British Business says.
Cawoods Holdings, acquired
by Redland for £34 Z.6m, w as the
most expensive takeover deal in
the quarter, closely followed by
two acquisitions by Rio Tib to
Zinc: Thomas W. Ward for
£133.8m and Tunnel Holdings
for £97.5m.
Another major deal was the
purchase of Allied Suppliers by
Argyll Foods for £101. 3m.
There were six other acquisi-
tions worth more than £10m
each, of which the largest was
the £37 ,6m purchase of Blue
Circle Aggregates from Blue
Circle Industries by Amey Road-
stone.
These large deals pushed up
the average value of acquisi-
tions in the second quarter to
£6.7 in, compared with £4.1 m in
the previous quarter and £2.5m
during 1981 as a whole.
A total of 31 acquisitions,
each worth more than £2m.
accounted for 94 per cent of all
spending in the second quarter,
leaving the balance of 77 acqui-
sitions to account for the re-
maining 6 per-cent.
Cash payments figured more
prominently In the quarter,
accounting for 44.4 per cent of
all takeover spending compared
with only 39.7 per cent in the
first quarter.
Ordinary shares accounted
, L lua A comsmoBS & Ma rcasi — 1
_ INDUSTRIAL a r— ~
r~ t COMPeBtaoi mM
for 48 per cent of takeover
spending, up on the first quarter
percentage. of 36.2, while issues
of fixed •_ interest securities
accounted for only 7.6 per cent,
compared wiuh 24.1 per cent in
the first quarter.
By Ray Dafter, Energy Editor
THE Isle of Man's hopes of
an important natural gas dis-
covery dose to its shores
have been dampened by the
results of an exploration well,
drilled by BP Petroleum
Development (UK).
BP said yesterday that a
well drilled on block H2/25a,
nine miles east of the Isle
of Han. had been abandoned
after tests had shown the
hole to be “ dry."
However, the island's hopes .
of future gas supplies have
been kept alive by a BP
comment that “gas shows”
had been encountered during
the drilling. The well was
drilled to a total depth of
2,780 metres.
BP’S drilling operation was
part of its deal with the
original licensees, Cluff Oil
and Celtic Basin Exploration.
It gives BP an 80 per cent
operating stake in the licence,
leaving Celtic Basin with 17.2
per cent and Cluff Oil with
2.8 per cent
Equity market 4 at top of world league’
I A . SENIOR Northern Ireland
trade union official called yester-
.day for “ clarification " of the
complex situation surrounding
proposed rescue attempts for
the =Be -Lorean sports car.
The Northern Ireland Depart-
ment . of Commerce, through
which loans for the venture
L have been channelled, described
the latest, moves as “like an
Agatha Christie- thriller.", •;
.A so-far unnamed UK con-
sortmm is still regarded as the
frontrunner to rake over the
Belfast business, in spite of an
invitation from tbe receivers to
Mr. John De Lorean, chairman
of the UjS. sales company, to
exercise an option to buy It
back.
. The receivers’ invitation fol
lowed - the consortium's with-
drawal Cram negotiations. -
The- consortium - plans to
come baric to the negotiating
table.-at the end of tills month.
It is understood- to believe that
by _ then Mr De Lorean’s own
rescue bid- -will have proved un-
successful, and that it will be
in a position to push through a
better deal with the Govern-
ment, which turned down its
initial proposals.
Events of the past 24 boors
have prompted Mr John Free-
man, Irish regional secretary of
the - Transport and General
Workers; Union, to call for
partial lowering of the barriers
of secrecy round negotiations.
He spoke on behalf of- the 300
workers still at the Belfast
plant, which once employed
2^600. The vast majority pf
those made redundant.' say
union sources., are still on the
dole in a region where unem-
ployment exceeds 20 per cent.
There js some evidence that
the consortium’ is planning an-
other, car. ‘
Mr De Lorean described
such a plan yesterday as absurd.
It sitnplv doesn’t make ~sxp.
A -conventional car cannot be
built there.”
Treasury minister
attacks CBI over
rise in wage
BY. JOHN HUNT, PARUflMEKEARY jCORQESKMDBiPt.
AY SUC SHORT
THF. UK equity market has out-
performed all other major
equity markets in the world bver
Lhe past five and ten years in
spite of being the most expen-
sive market in which to deal,
it was said yesterday.
The claim was made by Mr
Mark St Giles, chairman of the
Unit Trust Association, at the
launch of a new performance
measurement service.
Mr St Giles said the usual
method of comparison, using a
suitable equity index, was un-
fair to funds such as unit trusts
because it took no account of
the expenses of dealing in its
calculation.
The research staff of the
association had devised a means
of correcting this defect
through a Portfolio Index
Adjustment Factor. This cor-
rected for stockbrokers 1 com-
mission, market spread - and
government duties experienced
by a typical fund.
For the UK toe factor was 7.5
per cent — consisting of 3J3 per
cent commission, 2 per cent
spread and 2.2 per cent duty —
against .3.4 per cent for North
America. 5:7 per cent for Japan
and 4.7 per cent for Europe.
On this basis the adjusted
FT-Actuaries All-Share Index
had risen by 99.B per cent over
the past five years and by 102
per cent over the past 10 years,
compared with Capital Index
and World Index rises of 31.4
per cent and 85.3 per cent re-
flectively.
• The unit trust industry had
one of its better months for in-
vestment in July with sates of
£75.3m against £56m in June.
But this figure was boosted by
two unitisations of existing in-
vestment funds amounting to
£13.7m.
Repurchases fell by about
£lm on the month to £33. 48m,
leavisg.net sew investment in
unit trusts of £4L83m hi July.
But if investment is adjusted
to allow for these unitisations,
net new investment last month
amounted to £28. 13m against
£21.5m in June.
Total sales in the first seven
months amount to £483m — more
than 20 per cent below last
year’s record £610m for the
corresponding period. Repur-
chases are virtually unchanged
at £256m. leaving net new in-
vestment one-third down on last
1878 _ 1979
AN OUTSPOKEN attack on toe . . -“Manar- ; businessmen And
Confederation of British Indus- entrepreneurs do sot share the
tty : for its recent =• gloomy gloom of the GBL" arid Mr
economic forecast was made Wakehmn. “A net. increase in
yesterday by Mr John Wake- new companies of over 15,000
ham^-.Minister of State for the during 1281 is toe dear eri-
-Treastny withspecial respond deaceP-. -rr.
bility for- industrial matters. . -’ No otfip - pretended that -the
Significantly, the speech was economic : difficulties faring
released by. Conservative Britain would he solved easily,
Central Office and not through “ hut. let us pm : tbe. gloomy
the Treasury. This reflects the forecasts' in weir proper per-
intense Irritation felt by tic apeictiPA”
Government .at the CRTs recent
pronouncements . and the. . deci-
sion of Sir .Terence Beckett.
CBI director general, to. hold a
meeting With Mr Peter Shore.
Labour's shadow Chancellor.
The minister implied' that
members of the CBI are Thern-
COMP ANDES In the Preston
area ' of Lancashire had
printed one of the "gloomiest
ever” pictures of business
activity. Mr Tan Smith, chair-
man of the CBTs Preston
employers' group, said after a
Peking of tbe .group yester-
day.
“Indications earlier in the
year that an upturn was in
prospect have evaporated.
There are a few exceptions
to the rule but generally com- '
patties are experiencing no
improvement in business
activity,*’ Mr Smith i saM.
The minister pointed out that
fie CBI was major repre-
sentative „:;bf manufacturing
industry, whose- .competitive - 1
ness feU toy 7$ per centbetween
1977 and 19SL Although 40 per <
cent of this deterioration^ was !
due to the rise in the value of .
the pound, the remaining 80' per ,
cent was caused by - unit labour ,
costs in the UK rising, fester ;
than in ofter countries. ..
There had bgeajsome improve-
ment since thebegumiing of last
year but tbe level of competitive-
ness in manufacturing industry ;
was still woipq than in any year '
•of the 1960s a fid 1970s.
in the light of these figures,
Mr Wakeham thought - it was 1
** just as wen " that the manu- j
factoring sector was less unpor- ;
taut in the economy and now
accounted for only 25 per cent
of gross domestic product with
60 per cent for the service
industries.
Had tiie CBI been making a ,
report on Britain’s overall 1
economic prospects it would
srives partly to blame for ihe ..
present poor -state of the have highlighted the fact that j
economy. He accused its mem- capital investment in manufac- j
bers— the big companies and turlng. distribution and service ?
the nationalised industries— of industries rose by 5 per cent in
being, tiie root cause. of Britain's the first quarter of 1982. reach-
. troubles by allowing wage costs ing the record level of 1980.
to rise faster .than in competitor . The story was not one of total
Printer to
close colour
subsidiary
year at £227m against £355m.
Total unit trust funds at the
end of July amounted to £6.18bn
against £6.06bn at the end of
June. . .
By Lin Wood
Government
Broker move
Mr Roger Danlell, a partner
at Mullens and Company, Is
to carry out the duties of
Government Broker for the
time being following the
death of Lord Cromwell, the
Government Broker, after a
riding accident at the week-
end.
The Government Broker,
who raises money for the
Government through the glit
edged securities market is one
of the most Important posi-
tions on the City of London.
He or she is appointed by the
Chancellor of the Exchequer.
Mr Danlell is the deputy
Government Broker.
Mail contract awarded
Sun Printers of Watford —
part of the British Printing
and Communication Corpora-
tion group — has won the
printing contract for the new
colour magazine of The Mail
on Sunday. The first edition
of the magazine will be pub-
lished on October 24.
University committee
Sir Keith Joseph, Education
Secretary, yesterday an-
nounced the formation of a
visiting committee to advise
him on the. Open University.
The committee will be
chaired by Sir Austin Bide,
chairman of Glaxo Holdings,
Ten other members have been
appointed.
Matrimonial home co-ownership proposed
BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT
CHANGES IN the law aimed
at strengthening the rights oE
wives who contribute to the
purchase of the matrimonial
home are proposed in a report
by the Law Commission pub-
lished yesterday. The report
arises from the case of .Williams
& Glyn's Bank v Boland, which
led to uncertain}* on the state
of the law.
The commission concludes
that the law is unsatisfactory
and needs amendment. Its pro-
posals would help banks, build-
ing societies and solicitors con-
ducting conveyancing by clarify-
ing the identity of co-owners
of a house. The recommenda-
tions would assist banks particu-
larly, by ’ making this
information easily available to
them when they made a loan
against the security of a house.
The most sweeping proposal
is that the Government should
introduce laws, to provide for
legal co-ownerehip of the matri-
or mortgage tbe home without
a court order or without the
other partner's consent.
Following the Williams &
Glyn’s v Boland case the con-
fusion in the legal position
caused concern among banks
and building societies. They
monial home. This would mean feared it would lead to difficul-
■ married couples would" own.
their home in equal shares un-
less they agreed otherwise or a
special exception applied.
The commission also pro-
poses that the interest of co-
owners .should be .registered at
the Land Registry in the same
way as the rights of a single
purchaser. The effect would be
that neither partner could sell
ties when they wanted to fore^
close a mortgage or possess a
house in default of a loan.
In 1969 Mr and Mrs Boland
bought a house. Mrs Boland
contributed a substantial sum
to the purchase price although
the purchase was in Mr Boland’s
name alone.
Later Mr Boland mortgaged
the house to Williams de Glyn’s
as security for a loan for his
business activities. The business
failed. The bank brought pro-
ceedings for possession so it
could sell the house.
Mrs Boland said that because
of her contribution to the pur-,
chase price she had rights in
the house and the bank could
not evict her. The House of
Lords upheld her claim.
The decision gave some pro-
tection to wives in a similar
position but it was only of an
insecure kind. It was often un-
clear whether a wife had
share .in <fhe bouse or, when,
she did • have a share, if she
bad a final say in whether it
should be "sold or mortgaged.
Aid sought for buy-out bid
BY MARK MEREDITH, SCOTTISH CORRESPONDENT
Rail closures
MR DAVID HOWELL,
Secretary of State for Trans-
port, yesterday approved tiie
British Railways Board’s
proposals to withdraw
passenger services from the
direct line between March,
Cambridgeshire and Spalding,
Lincolnshire, and from two
short loop lines which bypass
Lincoln and Sleaford
stations-
A MANAGEMENT consortium
yesterday sought government
support for a bid to buy out
part of the Carron Ironworks
in Falkirk, central Scotland,
which called in the receivers
two weeks ago.-
The Carron works made
cannon for Nelson and the
Duke of Wellington, The com-
pany owes an estimated £llm to
the Royal Bank of Scotland and
the County Bank, a subsidiary
of National Westminster. .
Members of the management
consortium yesterday' put their
proposals to the investment
department of the Scottish
Development Agency in Glas-
; sow. The receivers, DeMoite
Haskins.and Sells, want pro-
posals from potential buyers in
by toe end of toe -month.
On Tuesday the receivers
announced 60 further redun-
dancies from toe company,
bringing the number of jobs
lost in the past two weeks.to 86.
Last May toe company laid
off 200 workers when it sold off
its luxury cooking appliance
division ■ - - -
Scottish port trade probe
FINANCIAL TIMES REPORTER
TRAFFIC passing through UK
ports is lo be investigated In a
study by rhe Scottish Develop-
ment Agency to discover details
on Scottish trade.
The study will deal with non-
• The outlook for Scottish
ports traffic.
The four major port
authorities — Clyde, Forth,
Aberdeen and Dundee — toe
Scottish Economic Planning
fuel traffic and concentrate on. Department, and the Ports
four main topics:
'• Changes in toe pattern 'oE
traffic through Scottish ports
since 1963.
•. Scottish trade using ports
outside Scotland.
• Factors determining the use
Office for Scotland, will co-
operate with the development
agency.
. It will- be a fact-finding and
analytical study, providing port
authorities and government
with information to better
understand toe main factors
of ports and toe choice of route.' influencing trends in. port use.
British Gas efficiency scrutineers appointed
BY RAY DAFTER, ENERGY EDITOR
Title no-one wants
NO-ONE wants the title Lord
of the Manor of H Inti es ham in
Suffolk. The title, costing
■bout £4,500, has been on
offer since the beginning of
the year but has not
attracted any buyers.
THE EFFICIENCY of the
British Gas Corporation is to
be scrutinised by management
consultants Deloitte Haskins
and Sells.
The consultants will begin
work early next month follow-
ried out either by toe Mono-
polies and Mergers Commission
or by management consultants.
British Gas is involved in a
major efficiency campaign.
Apart from ti\e Deloitte Haskins
and Sells study, the corporation-
audit and. investigations.
The corporation yesterday
appointed two efficiency studies
managers to play a leading role
in this unit: Mr Michael Barnato,
previously senior economist
(pricing and planning) in toe
scrutiny by toe Government ■
Financial guidelines set 1>y
ministers for British Gas include
a 3.5 per cent return over three
years, based on a current cost
operating profit against current
cost net assets and an external
ing their appointment by both has agreed with the Government economic planning division, and said last month that in 1981-82
British Gas and toe Energy
Department.
Tbe study will form part of a
Government plan to have the
efficiency of each state-owned
industry subjected to outside
scrutiny at least once every four
years. ‘Ihese studies will be car-
to reduce its net operating costs
— excluding gas purchases by 5
per cent over toe two years to
next spring.
British Gas has also set up
its own efficiency unit, headed
by Mr Peter Walsh, formerly
Mr Malcolm Wesley,- previously- -should involve a net repayment
a senior co-ordinator in toe
itsearch and development divi-
sion.
The moves come at a time
when British Gas, like other
state-owned industries, finds
the corporation’s controller of itself increasingly under critical
to toe Exchequer of. £S3m,
Sir Denis Rooke, chairman,
said last month that ni 1981-82
toe corporation stayed within
its external financing limit and
progressed toward meeting its
three-year financial target
RICHARD CLAX, the. book
printer and binder, ..is to close
its colour book priming subsidi-
ary in Fak.enham- Norfolk, with
the loss of 230 jobs.
• Fakenham Press was acquired
by Richard Clay in 1979 to in-
crease its book binding capacity
and enable the company to pro-
vide a complete service in colour
printing.
Richard Clay said yesterday:
“Since then, price competition
in the world market for colour
book printing has been ex-
tremely fierce and. despite
strenuous efforts to improve effi-
ciency and reduce costs to match
international market standards.
Fakenham Press has incurred
substantial losses in both of the
last two years.
“Market conditions both with
respect to margins and volume
continue to be uneconomic at
present cost levels and it is no
longer realistic to expect a re-
turn to profitability that would
justify continuing operations at
Fakenham Press.”
Richard Clay’s pretax loss
in the year ended Janury 1982
■was -£167,000 with' the pre-tax
loss of Fakenham Press being
£383.000. •
At its peak in 1978 tbe group
made a pie-tax profit of £1.9ra
which feU to £330.000 in 1980.
In April this year Mr Robert
Maxwell’s British Printing and
Communication Corporation ac-
quired a 5.87 per cent stake in
'the Company in a ” dawn raid.”
•. Two Leicester companies
announced a total of 276 redun-
dancies yesterday because of a
toll in demand for their pro-
ducts. Dunlop Polymer, the
-rubber manufacturer, has cut
7 177: ^obs and Jones and Ship-
man, an engineering company.
99 jobs.
countries.
Mr ' Wakeham thought it
" unwise ” . for Sir Terence to
have held the talks with Mr-
Shore because it gave the im-
pression that the CBI had
sympathies with the “ non-
sensical ” policies of toe Labour
Party.
■ This is the first '.time a
government minister has
stepped into the controversy
over the CBTs latest, report,
although some Conservative
hack benchers, including Sir
William Clark, chairman of the
Tory back bench finance com-
mittee criticised iL
gloom, Mr Wakeham insisted.
Inflation was down to 8.7 per
cent and interest rates were fall-
ing. Engineering orders were
also well up on last year.
' Meanwhile the Labour Party
was sceptical * yesterday about
the benefits of the recent drop
in interest rates and the
dramatic rise in the stock
markets In New York and
London on Wednesday.
Mr Jack Straw, a Labour
front bench Treasury spokes-
'mah. welcomed the drop in
interest rates but saw no sign
that it would lead to an endur-
ing improvement In the
BOC software subsidiary
bought out by managers
BY JASON CRISP
MANAGERS in a computer soft-
ware subsidiary of BOC have
bought out iheir company with
assistance from the government-
hacked British • Technology
Group and Barclays Bank.
The company. Taiigram Com-
puter Aided Engineering, was
originlly a division of Software
Sciences. BOC’s large computer
software subsidiary sold earlier
this year to Thom E ML Man-
agers in tbe division sought to
buy it out when it was first
announced that Software
Sciences was for sale and might
be split up.
The National Enterprise
Board, pan of BTG, is invest-
ing £115.000 in ordinary and
preference shares. A further
£75.000 in loan stock will be
advanced once the company h ap-
proved itself. Barclays is pro-
viding loan facilities of
£115,000.
A five-manager syndicate :s
investing £50,000 for 62.5 per
cent of the equity, with other
staff taking 12.5 per cent.
Mr Martin Squires, general
manager of the division when
it was part of Software Sciences
and now managing director of
the new company, previously
worked at Systime. the Leeds-
based mini-computer company
in which the NEB has nearly
30 per cent. Mr Squires said he
saw that the relationship be-
tween the two had worked well
there.
Engineering sales up
BY MAN RODGER
TOTAL-SALES by toe combined
engineering industries were 2
per cent higher in the March-
May period on a seasonally-
above the level to the previous
three months.
• Total new orders to the
machine-tool industry’ in May
adjusted basis than to toe previ- .were the highest since Septem-
Horizon offers
more holidays
next year '
By James McDonald -
ous three months.
The figure for The compara-
tive period was depressed by a
very low result in December.
Total new. orders. showed a
4.5 per : Cent increase in the
latest ■ three months, according
to Department of Industry
statistics; but there was little
change in orders on hand, essen-
tially fiat since last August.
Export order books have
expanded- a little since the turn
of the year.- Orders on hand
in March-May were 2.5 per cent
HORIZON, Britain’s third
largest package tour operator,
is offering -525,000 .holidays
abroad next summer, 16 per cent
more than this year. The aver-
age cost of toe holidays will be
$ par cent -higher- than this year
—lower than the rate of infla-
tion. says the company..
The company said yesterday
that by -the end of February it
had- sold -neaFly two-thirds of its
holidays for • this - summer.
Bookings • made in June -and
July had been slow but- they had
risen rapidly since then.
f* Trade could ‘ always . be
better,” a spokesman said. ‘‘ But
by the end of this season we
.hope to have increased our
'share of toe British summer
package market by two percent-
age points.!"
ber on a seasonally-adjusted
basis. But toe volume index
for new orders was only 54 com-
pared with a 1975 base of 100.
indicating the, extent of the
decline in this sector.
Seasonally-adjusted sales to
both borne and overseas markets
were lower in May than in April,
according to the department
statistics. In the three months
lo May total sales were up 1
per cent over the previous three
months. Orders on hand fell 3
per cent
Pension specialists move
BY ERIC SHORT
THE TOP three pensions and the company admits that it
specialists at Britain's largest needs to rapidly update its pro-
•anrl mnef oncrraecSiiA TlnL.J : & _ • * . . . * .
and ^ .most _ aggressive linked
life company, Ham faro Life, are
about to join Schroder Life
Assurance, a member of
Schroders.
ducts, .its literature and its
training of inspectors in toe
pensions field.
Schroder Life has acquired a
very experienced and highly
. Mr John .Carr, Mr Dennis successful pensions leam to Sir
Gamester and Mr David Wicks Carr and his colleagues,
will join Schroder Life soon to . 1 ^ arr joined Hambro Life
head the company’s rapidly ex- *873 from Abbey Life when
panding pensions, side. Mr Carr H - amt)ro L ^e commenced pen-
will Join the company’s board. sions . . business- Pensions now
aceonut for toe major part of
Hflrnhrn T i *_s
Hambro Life’s new business
Most executives Involved in
kLSTZ and ?•' of its regular
growth area of the fnture. Mr Mark WeinWr nhiat BT
fe C S££ Br manager T Bob
Most of the 16 per cent more , *,«=, m. a ormter oasea com- v. i i. - , .
holidays Horizon offering [ pany and its pensions business l repl^ement^Mr
next summer will be from three ' has grown ranch faster than its burn mlnasor SiE
airports new to toe .company’s f support services.
programme— Bristol. Newcastle ' Twrthirds of Schroder l510n .
-md-Gtap*.:-. : . 1 Liie's Mw busies is ^'."'*4 to «c*ed Mr
ry - - ~ — -gr.
r.
;K
9\C‘*
’ '.IV
Financial Times Friday August 20 -19S2
UK NEWS — LABOUR
fj\ t , Plea for general strike if health
fc , ■
v,, dispute activists are jailed
BT JOHN LLOYD AMD DAVID GOOOHART
i h* ***••:
l « ■ .
THE TUC General Council will
be urged next weekt o call a
™neraf strike if any trade
unionist goes io jail for taking
unlawful industrial action in
■support of the health service
workers.
The call will come from the
print union Sogat S2. the execu-
tive council of which agreed on
an a!l*>ut strike of its members
in printing, publishing and
papermakiflg if trade unionists
were jaiJed,
Mr Bill Keys, Sogat 82's
general secretary, will write to
Mr Len Murray. TUC general
secretary, today urging the
TUC to take the same position,
and will press such a course on
his General Council colleagues
at rheir meeting next Wednes-
day.
Sogats pressure on the TUC
to raise its profile in the health
dispute comes at a time when
the Fleet Street electricians'
branch is debating whether to
pay a £350 fine levied on its
secretary last week by the High
Court for disobeying an injunc-
tion to prevent a 24-hour stop-
page of national newspapers.
Non-payment of the fine
would bes almost certain to re-
sult in jailing of Mr Sean
Geraghty. the branch secretary.
Mr Geraghty has said that he
would prefer the fine to be paid,
but some members of the com-
mittee are keen to defy the
court
Pressure on the TUC to step
up the health service action
grows as tlie health onions and
general unions with big health
service memberships are
pressed by activists to go for
an aQ-out strike. Union leaders
expect ah emergency motion on
these lines to the annual Trades
Union' Congress next month.
The Royal College of Nurs-
ing’s 15,000 members outside
the NHS will be allowed to vote
in, and could determine the
outcome of. its ballot on the
Governments 7.5 per cent pay
offer to NHS nurses, which ends
today.
Only about 35 per cent of the
RCN’s membership of 136.000
are believed to have partici-
pated in the poll. The result,
crucial to the ~ development of
the dispute,- will be known on
August 26.
The low tum-out will dis-
apopint RCN leaders. . JJ«s
Gillian Sanford, deputy general
secretary, said yesterday: - “ A
poll of -anything below 80 per
cent will be a. disappointment”
But ah RCN spokesman said
that voting' level was likely to be
similar to the last ballot in
which 33 per cent of the mem-
bership rejected the Govern-
ment's -6.4 per cent offer to
nurses by two to one.
The 15,000 non-NHS members
are being balloted for the first
tim after complaints from nurses
in the private sector after the
last ballot. Miss Sanford said:
"Many salaries in the private
sector are directly related to
NHS pay.”
One of the major flashpoints
yesterday was the London Hos-
pital in Whitechapel. About 400
ancillary workers, already on
all-out strike, occupied the
administrative block to protest
a gainst suspension- of a shop
steward.
Refuse staff back tender scheme
BY ARTHUR SMITH, MIDLAND CORRESPONDENT
MILITANT trade union opposi-
tion to Birmingham City
Council’s plans for the
" privatisation ” of services
appears to be crumbling.
The 530 refuse collectors
vnted overwhelmingly yester-
day to oin the local authority
management in drawing op pro-
posals to tender against private
contractors for the service.
The move undermines oppo-
sition by members of the
National and Local Government
Officers' Association (Nalgo),
who have refused to co-operate
wjth administrating the tender
scheme.
The failure of the manual
workers to fight the issne is
another indication of declining
militancy in a region where un-
employment has risen to record
levels.
The Conservative council is
pledged to consider contracting
out a whole range of services —
including housing management,
school meals, the architects and
solicitors departments swim-
ming baths, leisure services and
maintenance of parks.
Mr Max Bowen. Nalgo secre-
tary with 9,500 members
employed by the council,
warned yesterday that such a
programme would' “mark the
decimation of Birmingham City
Council services.”
Mr Douglas Fairbairn. divi-
sional secretary of the. Trans-
port and General Workers'
Union, which cove rs most of .the
refuse workers, stressed last
-night that agreement to take
part in the tender did not neces-
sarily mean acceptance of pri-
vatisation.
He said: " If at the end of the
exercise the Tory leaders of the
council decide to reject the
goodwill shown ‘ by their em-
ployees in seeking wavs of ini'
proving efficiency and cutting
costs, they will have to take the
consequences.”
The employees did not think
their tender would be dealt with
fairly. He said the council had
refused to give undertakings
about the rates of pay and work-
ing, conditions .of. private con-
tractors. Moreover, refuse col-
lection was a matter of public
health which soutd not be en-
trusted with a company operat-
ing for profit.
Sboiild-the service be awarded
to the private sector, there
would be a three-month time
lag. and Mr Fairbairn said the
refuse workers reserved the
right to strike.
Steel union chief
rebuffed on policies
BY BRIAN GROOM. LABOUR STAFF ' *
MR BILL SIRS, one of Britain's
most prominent right-wing union
leaders, has suffered a major
defeat over the way polity is
formulated within his own
union
The executive council of the
102.000-m ember Iron and Steel
Trades Confederation has voted
by a narrow majority to give
policy-making powers to the
union’s annual conference.
Mr Sirs believes the change,
if endorsed by the membership
in a rule-change ballot, would
make th*j ISTC vulnerable to
"the back room meeting boys
of the extreme left who will try
to destroy this union.”
The 21 elected members of
the executive are now the ISTC’s
supreme decision-making
authority. The conference is
purely advisory, but will have
policy-making powers next year
if the move is accepted.
The executive decided on the
issue after a vote in favour of
the change a* the ISTC’s recent
annual conference at Douglas,
Isle of Man.
In an apparently acrimonious
pverutive debate on Wednesday.
Mr Sirs and other right-wingers
fought strongly against the
change.
Mr Sirs, who is used to exer-
cising considerable personal
influence and ahthoriQr in a
mghly centralised union,
appears to feel . less able to
exercise that influence over the
conference than over the execu-
tive.
He also feels that the con-
ference, at present a friendly'
gathering, would bpcome riven
by dissension as left-wingers
tried to win votes and employed
nit-picking constitutional tac-
tics.
Supporters of the move argue
that it is not politically moti-
vated. and that it widens
democracy. They say tint con- ,
fereaee delegates, elected from
steelwork branches, are just- as
democratically chosen as execu-
tive councillors, vfco are elected (
in individual branch ballots.
The change could bring aboiit
a significant long-term shift in
power .within the union, but it
is difficult to see Sharing a
dramatic immediate impact.
The left' already has a nominal
one- or two-seat executive
majority in what is traditionally
a right-controlled union,
although voting patterns are
not consistent.
Asbestos safety limit call
BY OUR LABOUR STAFF
THE General and Municipal
Workers Union will be pressing
for a radical tightening of the
controls on asbestos at Tues-
day's meeting of the - Health
and Safety' Commission.
The union says the legal limit
in factories should be reduced
h> 0,5 of - a . fibre per cubic
centimetre.
The present Emit is two
fibres per cubic centimetre
which the union says is based
on nsearch which estimated
that tiie two fibre limit would
kill one worker in 100 over
a 50 year period.
Mr Frank Earl, national
officer of the union, said yester-
day that the latest medical evi-
dence shows that the two fibre
limit would kill one worker in
five. .
Mr Earl ' said the original
research was . carried out at
Turner Brothers Asbestos in 1
Rochdale.— the group at the
centre of the controversial York-
shire TV documentary Alice: A
Fight For Life. He said the
company ndw admits it was
wrong about safety limits.
I Miners to
discuss pit
closure plan
By Our Labour Editor
The • threatened dispute
between the National Union
of Jlfineworkers and the
National - Coal Board over
plans to cease -production at
Snowdown Collier?-, in Kent,
will he discussed by national
officials of the union and the
NCB on August 31.
Last month, Mr Arthur
Scargili, the NUM president,
warned the board of indus-
trial action if it did not with-
draw' its plan for Snowdown
within six weeks. That time
limit is now up. but it appears
that Mr Scargili is willing to
see what comes of the talks
before deciding on farther
action.
The Coal Board has asked
the NUM to .join with the
industry’s two management
anions in appealing] against
the Snowdown decision, and
sees the August 31 meeting
as a forum for further dis-
cussions on the issue.
The management unions—
the National Association of
Col lie r>’ •' Overmen, . Deputies
and Shotfirers and the British
Association of Colliery
Management— have proposed
that one of Snowdown's three
faces be kept open while
development work to new
seams proceeds.
The board has delayed
implementing the appeal to
give the NUM time to decide
on its position. Mr
Scargfll's rejection of the
proposals, and of the manage;,
merit unions* compromise
plans, makes it unlikely that
the mineworkers will be party
to tbe appeal.
The board, believes, how-
ever, that support for indus-
trial action . on Snowdown
within Kent is not sufficient
to mobilise an effective
campaign. Kt says It has had
abont 400 inquiries from
miners In the area on
redundancy terms.
Union warns jobless may reach 5m
BY OUR LABOUR EDITOR
UNEMPLOYMENT in the UK
had reached 'crisis proportions."
according tn the latest quarterly
economic review published by
the Association of Scientific.
Technical and Managerial
Staffs.
Sir Clive Jenkins, the A STMS
general secretary, said yester-
day that unemployment now
threatened political institutions
and would . face an incoming
Labour Government with an im-
possible task. He said tbe true
unemployment figure was now
around 4.3m. .
“In my view,, if this Govern-
ment maintains its present poli-
cies up to the end of its term
of office, we could have as many
as 5m waiting to enter tbe
labour market I. don't want to
read unemployment statistics by
the light of burning buildings.
but I think this is a distinct pos-
sibility.”
Mr Jenkins said that the re-
cession had meant a drop in
m emb ership of all unions of
more than h n. and this was be-
fore the effects of new tech-
nology had started to come
through.
’Hie review emph asises the
part the European Community
plays in the decline of die UK
economy. It says &at the UK
runs a constant trade deficit
with the rest of the EEC on
manufactured goods, and that
it contributes more ■ in tax
revenue than it receives in EEC
spending. . -
• ASTMS members at Metal
Box are to take industrial
action over a change in com-
pany rules on sickness claims.
Mr Reg Bird, ASTMS
national officer, said yesterday
that union members at tbe
Metal Box open top division
headquarters at Reading would
take action next week over the
company's refusal to negotiate a
change in the self-certification
method of claiming time off for
sickness.
Under a procedure brought in
by the company, employees
would have to certify them-
selves sick immediately —
rather than, as previously, after
three days-
Mr Bird said the action would
spread to other Metal Box offices
in London. Worcester and Car-
lisle. The company had at
first refused to use the disputes
procedure but later agreed to
do so for a limited period until
June.
SIEMENS
Information for Siemens shareholders
Rising sales and earnings
but capacity utilization problems persist
As safes continued to rise, Siemens
recorded a net income after taxes of
£109m and a net margin of 1.7% for the first
nine months of the current financial year
(1 October 1981 to 30 June 1982). This com-
pares with a net income after taxes of
£82m and a net margin of 1.5% for the
same period last year. Thus further pro-
- gross is being made in strengthening the
. company’s earnings performance.
Sales. Siemens safes totalled £ 6,386m
worldwide, 14% more than in the first nine
months of the preceding financial year.
Despite continuing slow business in
Germany, particularly in the capital goods
sector, domestic sales rose 9% to
£ 2,760m. International sales, at £ 3,626m,
were 18% higher, accounting for 57% of the
company’s total worldwide sales as against
55% last year.
New orders. Orders worth £ 7,276m were .
received during the first three quarters of
the current year, again placing the figure
well above that recorded for sales. Since
orders for the preceding year included the
Isar2 nuclear power plant contract, actual
growth was only 1%; however, if the power
plant business is excluded, the growth rate
is 9%. New orders valued at £2, 907m were
received in the Federal Republic of
Germany and West Berlin; the 18% decline
in German domestic orders which this
reflects is likewise explained by the inclu-
sion of the Isar2 contract in last year's
comparable figure. In contrast, international
orders jumped 21% to £ 4,369m. Thus
during the period under review, 60% (last
year: 50%) of all new orders was received
from abroad. Sizeable contracts from oil-
exporting countries for infrastructure pro-
jects in the energy and communications
sectors again contributed to this above-
average growth. However, in the face of
declining oil incomes, the more populous
oii-exporting nations are showing an incli-
nation to- extend the time-frame of projects,
and there is an overafi tendency towards
stagnation at higher levels of investment
Four of the company’s six Groups
recorded two-figure growth: Components,
Data Systems, Power Engineering, and
Medical Engineering^ Orders in hand have
increased 7% since 30 September 1981 for
a total of £12, 632m.
Capital expenditure and investment.
At £268m, as compared with £302m at the
end of the third quarter a year ago, capital
expenditure and investment have so far
remained below last year’s levels.
Employees. It was necessary, both at
home and abroad, to bring the size of the
workforce into line with capacity utilization.
The number of Siemens employees was
accordingly reduced 4% worldwide to a
total of 325,000 people. When adjusted for
the seasonal decline in the number of tem-
porarily-employed trainees and students in
in £m
Domestic business
International business
Sales. '■ . • ' ■
Domestic business
International business
in £m
Orders in han d
Inventory,
in thousands
Employees • ' /•'■
Domestic operations
International operations
Average number of employees
in thousands
Employment cost in £m
the Federal Republic of Germany and West
Berlin, and for the inclusion of the
Siemens-Allis workforce (U.SA) in consoli-
dated figures for the first time ever, the
number of employees decreased about
equally in Germany and abroad. On aver-
age, during the first nine months 3% fewer
people were employed this year than last
Employment cost rose 7% to£2,854m.
For the 1981/82 financial year as a whole,
Siemens anticipates new orders again
totalling £ 9,800m, and sales of over
£ 9,000m, or 10% more than last year. The
year's net margin is expected to be about
1.7% as against 1.5% in 1980/81.
1/10/80 to
1/10/81 to
30/6/81
30/6/82
Change
' * '7,175 ' .
' ^ ' 7,276 .-
3,566
2,907
-18%
3,609
4,369
+21%
5,612 :
. 6,386
, . +14^;.
2,527
2,760
+ 9%
3,0S5
3,626
+18%
30/9/81
30/6/82 )
Change
11,789
~ 3.953
30/9/81
33S .
230
12,63 2
4,351
30/6/82
325
219
106
. vic/si to
ou. o. 8i > oQ/ti/v}2
342
2,657
1/10/30 to
331
2.854
1/10/31 to
Capital expenditure
and investment • • 302
•Net income after taxes 82
in % of sales 1.5 |
All amounts translated at Frankfurt middle rate on 30 June 1982; £1 —DM 4.2750.
30/6/81 |
30/6/82
- 302
268
82 "
109
1-5 |
1.7
+ 7%
+10% >
Change
- 5%
- 2 %
Change
' ll " ” 1 ! "
~3%
+ 7%
Change
- 11 %
Time to exercise your option rights...
Warrants issued by Siemens ten
years ago will expire on
31 August 1982.
If you hold any of these warrants,
you should immediately instruct
your bank or financial advisor to
use them to acquire common
shares of Siemens stock at
DM188.67 per share.
The full dividend for the 1981/82
financial year will be paid on all
shares so acquired.
_P»»TI0WS3CHBW AUP , MCTlt
0°TtPMSSCHB?l AU T 1 4KTJP
BffMIM . 'K « TTT , ?P r rmmn xm
C-rcHFM MS • WO'E -
InhaberOptionsschein
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Siemens AG
In Great Britain: Siemens Ltd.
Siemens House, Windmill Road, Sunbuiy-on-Thames
Middlesex, 7W16 7HS
i
s
4 '. » ■
Financial Times Friday August 2C> 1982
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BUSINESS LAW
The EEC power struggle
BY A- H. HERMANN, Legal Correspondent
THE European Court is the
most dynamic-some people
iMnk the only dynamac— insti-
tution of the Community.
Unlike the Council of Ministers,
it has no difficulty in reaching
decisions; unlike the Com-
mission, it knows what ft is
supposed to do. Luxembourg
judges could give the
Community the kind of lead
that, in the early days of The
U.S., was provided by the
Supreme Court This, however,
would require a greater in-
dependence from the political
concepts developed by die
Commission and a greater
appreciation of the EEC
balance of power.
Last month, they upheld the
Commission's directive 80/723
requiring transparency of
financial relations between
member governments and public
enterprises against a combined
attack by France. Italy and the
UK, which claimed that by
making it the Commission
exceeded its powers.
These three countries, with a
strong public sector, were
opposed in the court by the
Commission, assisted by
Germany and the Netherlands
where public enterprises are of.
lesser importance.
The transparency of financial
relations between public autho-
rities and public enterprises
which the Commission is seek-
ing to promote by the directive,
consists, according to its
Article 2, in showing clearly
public funds made available to
public enterprises directly or
indirectly and the use to which
the funds are actually put
By way of example, the Com-
mission lists seven methods by
which public enterprises can be
made to benefit and requires
member states to keep relevant
information available for five
years and to supply it to the
Commission on request.
France and Italy have certain
difficulties In complying with
these requirements and do not
like the directive. The British
Government, by contrast does
not seem to have any difficulty
in complying with, it, and even
seems to be in sympathy with
the Commission's objective.
What it cannot stomach, how-
ever, is the tacit assumption by
the Commission of legislative
powers reserved by the EEC
Treaty to the Council of
Ministers.
This was also the prinripai
issue before the court The fact
that the UK lost is, therefore.
Hie court brushed aside
these arguments. Reversing its
usual methods, it said that these
general provisions could not
affect the powers conferred
upon the Commission by tie
particular provisions of the
Treaty. . f '
Indeed, the Commission based
the directive on Article 80
which deals with competition
and special or exclusive limits
granted by member states to
enterprises. This says that to
ensure .Hie provisions of this
Article, the Commission “shall,
whera necessary, issue appro-
According to Advocate-General Reischl, the
Commission has inherent powers to issue
directives without consulting other EEC
institutions . . . what it needs is not more
power but a positive task to perform
of general constitutional im-
portance for the Community.
According to the UK view,
the Treaty vests all original
law-making powers in the
Council. AH the Commission
has are powers or surveillance
and implementation.
The general rules of the
Treaty provide in Article 213
that "the Commission may
collect any information and
cany out any necessary checks
within the limits and under the
conditions laid down by the
Council." And Article 235 pro-
vides that “the Council shall,
by unanimous decision, on a
proposal from the Commission
and after the Assembly has
consulted, take the appropriate
steps " where such steps are
necessary for achieving the
aims of the Community but
were not provided for in the
Treaty.
priate directives or decisions to
member states.”
However, the transparency
directive does not deal with
"special or exclusive rights ”
granted to enterprises. It deals
with financial aid to enter-
prises, and this is the subject
of a different section of the
Treaty concluded by Article 94
which provides that regulations
for the application of the pre-
ceding two Articles should be
made by the Council by a
qualified majority decision, on
a proposal from the Commis-
sion.
The court did not go so far
as Herr Gerhard Reischl, the
court’s Advocate-General, who
endorsed the Commission’s
claim that it had inherent
powers to do all that was neces-
sary for the accomplishment of
its tasks.
He said: “ It would be simply
absurd if the Commission did
not, in fulfilling its task under
the Treaty, obtain the necessary
information from the member
states without the co-operation
of the Council." It often hap-
pens that we find absurd what
we do not like, but that is
hardly a valid argument about
the state of the law.
The court, however, speaks
only of the Commission's
inherent power derived from
its duty of surveillance accord-
ing to Article 90. But how to
make Article 90, which really
has nothing to do with state
aids, applicable?
The court did it by saying that
thu Article concerned only
undertakings for whose actions
states must take special respon-
sibility by reason of the influ-
ence which they might exert
over such actions and dismissed
the relevance of Article 94,
which really applies to state
aids, by saying that this was
concerned with both public and
private enterprises. This arti-
ficial construction flies in the
face of the clear language of the
Treaty.
If the court’s decision will
shock lawyers, will it at least
please politicians? Only those
wfao identify the future of the
Community with the expansion
of the powers of the Commis-
sion, and there are not many.
What the Commission needs is
not more power but a positive
task to perform.
Instead of increasing the
Commission’s powers to prohibit
and to supervise, one should
think of a positive role which it
could play in the promotion of
European industry and of the
welfare of its inhabitants. To
add fuel to the Brussels power
struggle only activates the
centrifugal forces endangering
the Community.
* European Court. Luxembourg, Joint
Coses 168-190/BO. Judgment of July 6
1982. FT European taw letter. July 1982.
RACING
BY DOMINIC WIGAN
WINK, WHO finished second
for the third successive time
when failing honourably against
Clial on at Goodwood last time
out, looks the obvious winner
of today’s Atalanta Stakes at
Sandown.
John Dunlop’s filly receives
a useful amount of Wright from
four of her six opponents.
Unless her hard race at Good-
wood- has left its mark. Wink
will gain a well deserved win.
She is partnered by Lester
PiggotL • Willie Carson her
rider at Goodwood, is claimed
for the probably unreliable
Main SaiL
Last year Piggott landed this
race for another “ outside "
stable when Frankie Durr’s
stable jockey Philip Robinson
could net ride Vocalist because
of a suspension.
A second likely Arundel
winner is Monetarist. Carson's
mount in the closing division of
the Claygate Stakes.
A handsome late-developing
son of Monseigneur, Monetarist
got up close to home at Ayr
earlier this month to lift a
7-furlong maiden after banging
badly earlier.
Providing Carson can keep
him on a true line this stayer-
in- th e-making will make a bold
bid for the double.
Half an hour before the Clay-
gate, I will have no intention
of opposing Zoiros in the
autumn Maiden Stakes. This is
despite the presence of Ruffo,
Skylander and RelMna.
Chester racegoers may have
to wait for the seventh and final
race for the best bet of the
afternoon.
It could well be represented
by the late-developing Asia
Minor sent up from another
Newmarket stable — that of
Willie Hastings-Bass.
SANDOWN
2.90 — Solar Rock
2.30 — Bold Image
3.05— -Fallen Angel
4.10— -Wink*
4.45— Zoiros***
5.15 — Monetarist -
CHESTER
5.15— Asia Minor**
6.40-755 am Open University
(Ultra High Frequency only).
9.10 Gotten Hair. 9-M Jactonon-'.
9.45 Take HarL 10.0o-10.30 Wh>
Don’t You ... ? 10.a5 Golf:
The Benson and Hedges ute£
national Open from York. LOO
pm News After Noon. Hot1 -.
1.45 Golf: Further coverage ot
The Benson and Hedges Inter-
national Open. 4.18 Begionai
News for England (except
London). 4^0 Play School. 4.4a
Jigsaw. 5.05 Breakthrough.
The Perishers.
5.40 News.
6.00 Regional News Magazines.
£25 “ How To Steal The
World ” (feature film star-
ring The Men From
UNCLE).
750 Russell Harty at the Sea-
8.20 Athletics: The Talbot
International Games from
Crystal Palace.
9.00 News.
9.25 Cagney and Lacey.
10.13 West Country Tales
(Loo don and South-East
only).
10.45 News Headlines.
10.50 Athletics.
11.15-1.00 am The Late Film:
*’ The Liberation Of L. B-
Jones." starring Lee J-
Cobb, Roscoe Lee Browne
and Lee Majors.
Tonight’s Choice
Survival Special on the TTV network at 7.80 tonight comes
up with what should prove a real winner. Operation Drake tells
the story of a group of young people from 27 countries who re-
traced Sir Francis Drake’s epic circumnavigation of the globe
some 400 years ago. All good dean fun which should bring out
the spirit of adventure in the worst of us.
But if travelling around the world in a sailing boat (eves
by proxy) sounds too exhausting, then you can join Russell Harty
at the Seaside on BBC-1 at 7.50. In fact, Mr Harty is not exactly
living up to his programme’s title since tonight he is spending
a day out on Lake Windermere.
Still in the outdoors Tony Soper's enchanting ntinl-
progranfaie Bird Spot turns up at &25 on BBC-2. This promises
a ten-minute picturesque look at that most fascinating of birds,
the Coot
Thereafter, Friday night on file box goes rapidly downhill
■with BBC-l*s Cagney and Lacey, at 955. vying for bad taste
with the last episode of TTVs On The line (tunings vary accord-
ing to region). - ,
London TTV viewers get the best of the evening with a
rerun of an early Rawhide episode starting at midnight. It may
be in black and white but, a generation on, it still looks good.
DAVID CHURCHILL
BBC 2
6AO-7.S5 am Open University.
10.3 M0.55 Play School.
4.15 pm Golf: Benson and
Hedges Open.
5.19 Images of Class.
5.35 Weekend Outlook. .
fS.40 Laurel and Hardy Double
BilL
6.20 The PhUpott File.
655 Six Fifty-five Special
7.30 News Su mm ary.. .
7.35 Gardeners’ World.
8.06 Whatever Happened
Britain?
8^5 Bird Spot
835 My Music.
9,(M> Globe Theatre.
10.35 Cartoon Two.
10A5 NewsnighL
11.30 Golf highlights. .
to
9.30 am World Famous Fairy
Tales* 9.45 Life in Focus. vIB.55
’■ To See Sirr&Fua," narrated by
Frank Muir. 12M A Handful of
. Songs: 12.10 pm Once Upon a
Time. 3136 Someone To Talk TO.
LOO News, plys.TT Index. L20
Thames News with 1 Robin
Houston. 139; About Britain.
2.00 Not For; Women Only. *2.45
Friday Matinee: Jeanne -Crain
and .Michael Rennie in ** Danger
Crossing.” 435.. Bugs Bossy,
430 Razzmatazz. 145 Free time
Special. 535 F5hn Rut with
Derek Griffiths,.
5.45 News.’ ■
6.08 Thames Weekend News.
6.15 Police 5 with Shaw Taylor.
€30 Mixed Blessings starring
Christopher Blake, and
Muriel Odunt on.
730. Winner Takes All wtth
Jimmy Tarbuck,
rJO Survival Special.
830 Third Time Lucky starring
Derek Nlmzso and Nexys
Hughes. .....
0UO The Gentle Touch starring
Jzli Gascoine.
10J08 News.
1030 On the Line.
1130 Dolly.
f 12.00 Rawhide s tar r in g <2fnt
Eastwood.
1.00 am Closer Sit Up mod
Listen with Roy Peter
Lewis.
t Indicates programme in
black and white .
All IBA Regions as London
except at the following times:—
ANGLIA
9 35 am Tha European Folk Tales.
8.50 Snookar '82. 10.30 Johnny's Ariimal
Operas. 10.55 Portrait of a Village.
11.20 The History Makers. T1.50
Captain Nemo. 12J0 pm A Better Read.
1.20 Angiis News. 2.A5 Friday F-1m
Matinee: " Nearest And Dearest/ star-
ring Hylda Baker and Jimmy Jewel. 6.00
About Anglia- 9-00 On tha Lina. 10.30
Speedway. 11.15 F.riday Late Film:
That Cold Day In The Park.” 1.15 am
Your Music at Night.
CENTRAL
9.56 am The Wild. Wild World of
Animals. 10.20 Gardening Time. 10.45
Zoom tha Dolphin. 11.10 History of the
Grand Pri*. 11.35 Contrasts. T2J0 pm
A better Read. 1.20 Central News:
t2A5 Summer Afternoon Comedy:
'* Nurse On Wheels." starring Juliet
Mills. 6.00 Central News. 9.00 On
the Line. 10.30 Soap. 11.00 Central
News. 11.05 The Police Story Movie:
' Countdown."
GRANADA
9.30 am Struggle Beneath the See.
9.50 Stingray. 10.15 last of tha Wild.
10.35 The Beachcombers. 11.00 Sesame
Street. 1230 pm A Better Bead. 1JO
Granada Reports. 1-30 Exchange Flags
Promenades. 1Z45 Friday Matinee:
" Young And Innocent." starring Nova
Pilbeom. 6.00 Jangles. 630' Granada
Reporta News. 6-35 Great Escapes.
9.00 On the Une. 1030 Benson . 11.00
One To One. 11.30 The Friday Film:
" The Scalp Merchants."
HTV
9.S5 am Early Morning Picture Show.
10.20 History of the Motor Car. 10A5
The Flintatonas. 11.10 The Flying Kiwi,
11.35 Nature of Things. 12.30 pm A
Better Bead. 1.20 HTV News. 2.45
Cartoon. 250 Friday Film Matinee:
" Grasshopper Island." 6.00 HTV
News. 6,30 let’s .Go. 9 JOO On tha
Lina. 10.28 HTV News. 10-30 Private
Benjamin. 11.00 Friday Night Thriller:
■” Anatomy Of Terror."
HTV Cymru/Walea— Aa HTV West
except: 1020-11.10 tm Palmarstown.
12-00-12.10 pm Beth Am Stori? 4.15-
4.46 Buddugoliaeth Yr Eryrod. B.OO
Y Dydd. 6.15 Report Wales. 6-30-7.00'
The Muopet Show.
SCOTTISH
10.00 am Spread Your Wings. 1025
Nova. 11.10 ‘ Marathon Favor.
11.30 Johnny’ a Animal Operas.
1220 pm A Better Read. 120 Scottish
News. t2A5 Friday Matinee: -Time
Gentlemen Please," 5.15 Private
Benjamin. 8.00 Scotland Today. 6.30
Sparta Extra. 6.45 Hear, Hare. 9.00
On the Lina. 1020 i-pi» CaiL 10,35
Tales of Horror end Suspense.
TSW
925 am Sesame Street. 1025 Comic
Stories end European Folk Tales. 1040
Clapperboard. 11,05 Stingray. 1120
Fangface. 11.55 Look end Sea. 1220
pm A Batter Read. 120 TSW Nans
Headlines. 2AS Feature Film: " Chopper
Squad." 4.12 Gus Honeybun's Magic
Birthdays. 6.00 Today South -West.
620 What’s Ahead. 9.00 On the Une.
102 2 TSW Late News. 1025 Continental
Cinema: " The Secret." 1225 am
postscript. - •
TVS
920 am .3-2-1. Contact. 10.00 Tha
Amazing Years ol. Cinema. 1025 Ccmic
Stories loll owed by European Folk
Tale*. . 1040 C/appertwerd. 11.15
Johnny's Ammal Opera*. 11,30 Moon
Island. 12.30 pm A Better Read..' 120
TVS News. 12.45 Friday Matinee:
" Time Gentlemen. Plesaa:" 620 Com
To Coast. 620 Fridri* iSportsItow. 1120
- Assault On Precinct- 13." 1-10 am
Company.
TYNE TEES
9.15 am The Good'Vtord. 920 North.
East flaws. 9.25 Thb Wbrid Wa tree in.
9.55 Hannah Barbara Bassrd. 1025
The National Youth Jazz Orchestra.
1120 Sesame Street- 1220 pm A
Batter Read. 1-20 North-East News end
Lockaround. 12L45 Friday Matinee: " The
Oracle." starring Robert Beatty. 5.00
North-East Newt. 6.02 Spottatim*. 6.30
Northern Ufa. 9.00 On the Line. 1020
North-East News. 1022 Friday Night
Movie: " Tha Hireling." 1226 am
Hexham Male Voice Choir.
YORKSHIRE
920 am Sesame Street. 1020 Sport
B>lly. 10.50 The Meaic cf Man. 11.45
The Animal Hemes. 1220 pm A Beset
Read. 1.20 Calendar News. f2A8
Friday Matinee: " Time Gentlemen
Please." 6.00 Calendar lEmley Msur
and Balmont editions). 820 Calendar
Sport. 11.20 Msrwiix.
(SJ Stereo broadcast (when on VHF)
RADIO 1
5.00 am As Radio 2- 7.00 Mika Read.
9.00 Simon Bates. 11.00 Peter Powell
with tha Radio 1 Roadshow from tha
fsls of Wight. 12.30 pm Newjbeat
12.46 Dave Lee ' Travis. 2.00 Stove
Wright. 520 Nawsbaat. 5.45 Round-
table. 7.00 Paul Gambacrtini. 10.00-
12.00 The Friday Rock Show (S).
RADIO 2
5.00 am Ray Moore (S). 7.30 Tarry
Wogan (S). 10.00 Jimmy Young (S).
12.00 Bon Voyage. Glona (S). 2.00 pm
Ed Stewart (S). 4.00 David Hamilton
(S). 6.45 News: Sport. 6-00 John
Dunn (Sj . 8.00 Sequence Time at the
Radio 2 Ballroom (S). 8.46 Friday
Night Is Music Night irom the Hippo-
drome. Golden Green. London (S).
9.55 Sports Desk. 10.00 The Grumble-
weeda (S). 1020 Hit list. 11-02
Athletics Desk. 11.15 Brian Matthew
presents Round Midnight (stereo from
midnight). 1-00 am Night Owls (S).
2.00-5.00 am You and tha Night and
the Music (S).
RADIO 3
6.55 am Weather. 7.00 News. 7.05
Morning Cancan (S) . 8.00 News. 8.05
Morning Concert (continued). 9.00
News. 9.05 This Week’s Composer:
Cherubini (S). 10.00 Songs By British
Composers (S). 10.40 English Sinfonia
(S). 11.25 Schubert chamber music
recital fSJ. • 1220 pm Midday Cancan.
part 1: Vaughan Williams. Sallinen (S).
1.00 News. 1.06 Midday Concert,
pan 2: Walton (S). 1.90 'Haydn Piano
Sonatas (S). 2.40 Frenkel and Arnold
string quarter recital (S). 3.40 Grieg
(S). 4.00 Choral Evensong (S). 4J55
News. 5.00 Mainly For pleasure (S).
620 Another World <5], 7.00 Spohr
(S). 720 Proms from the Royal Albert
Half, pan 1: Mozart, Giles Swayne (S).
8.20 Modem Music and Society (tost cf
four talks by Alexander Goehr) (S)..
8.40 Proms, part 2: Stems*. 925 A
Grafted Tongue: The poetry of John
Montagus. 1020 Alfred Brendet piano
recital (S). 11.16-11.18 New*.
RADIO 4
6.00 am News Brie ling. 6.10 Farming
Today. 6.25 Sbipmng Forecast. 620
Today. 8.43 The Road to Camlan.-r by
Rosemary Surditf. B.57 Weather;
travel: Continental travel- 9.00 News.
9.05 Desert Island Discs (5). 9.«S
James Cameron recalls Ho Chi Mmh.
10.00 News. 10.02 Groundswell. 1020
Daily Service. 10.45 On -Holiday with
Jonathan Adams- 11.00 News. 11-03
The Band Contest (S). 11.48 Natural
Selection. 1220 New*. 12.02 pm You
end Yours. 1227 My. Music (S). 1225
Weatirer: travel: programme news. 1.00
The World at One. 240 The Anchors.
1.55 Shipping Forecast. 2.06 New s .
202 Woman's . Hour from Northern
f refund. 3.00 Hewn. 3M2 Afternoon
Theatre (S). 4.00 News. 4.02 Victorian
Street Musicians (SV. 4.10 Cinema Up
To Now. 4.40 Stery Tima. 5.00 PM:
News magazine. 5.50 Shipping Fore-
cast. 5.55 Weather; programme news.
6.00 News: Financial Report. 620
Going Placos. 7.00 News. 7.0S The
Archers. 7.20 Pick ct the Week IS).
8.10 International Assignment 820 Ycu
The Jury iS> . 9.16 Lenar From Amei ca
by ATmuir Cooke 920 Kstedosscpe.
9.59 Weather. 10.00 The World Ten-cht.
1025 Three Pro* One. 11.00 A 8cak
a: Beotimo. 11. IS The Financial World
Tonignt. 1120 Off f.e SheH; V. S.
Pritchett ir. convert at. on urth Frank
Oeai-ey- HM Friday Treat Jazz.
blues and gospel. 12.00 News.
CONTRACTS & TENDERS
NATIONAL
COPPER CORPORATION
CHILE
Codelco - Chile, Chuquicamata Division
“ Nortegrande ” Electric Company Limited
Edelnor Ltd., an Endesa’s subsidiary
— Chile
NATIONAL AND INTERNATIONAL
TENDER FOR THE SUPPLY OF
ELECTRIC ENERGY
Codelco-Chlle, Chuquicamata Division and Edelnor Ltd.,
both belonging to the State of Chile, jointly invite to
submit bids for the supply of electric energy during 15
years, commencing in 1937, for the Chuquicamata Copper
Mine and the areas covered, by Edelnor Ltd. in the I and H
regions of Chile..
It is estimated that the energy consumption will reach to
1,500,000 MWH per year by 1987, with a maximum demand
of 240 MV.
Tender documents and information
The Tender Documents will be at the disposal of interested
persons from August 16th. 19S2 on at S12 Huerfanos Street,
5th Floor, Santiago, Chile, at the price of 60,000 Chilean
pesos (fax included), Monday to Friday from 09.00 to 12.00
and 14.00 to 17.00 hours.
Reception of Tenders
The Tenders will be received at 1139 Huerfanos Street,
7th Floor, Santiago, Chile. Monday to Friday, from 09.00
to 12.00 and 14.00 to 17.00 hours.
The deadline for the reception of Tenders is March 15th,
19S3 at 10.00 am..
COMPANY NOTICES
THE “SHELL” TRANSPORT
AND
TRADING COMPANY pic.
Notice in hereby given that e
balance of the Renisur will be
struck on Friday, 3rd September.
1382 tor the preparation of :iu> ball-
yearly dividend payable on the
FIRST PREFERENCE SHARES tor the
six months ending 30th September,
1SS2. The dividend will be paid on
1st October, 1982.
For Transferees to receive this divi-
dend, their transfers must be lodged
with the Company's Registrar.
Lloyds Bank pic. Registrars Depart-
ment, Gortng-by-Seu. Worthing.
Sussex, net later than 320 pm on
Friday, 3rd September. 1332.
By Order of the Board
G. J. Okatt
Secretory
Shell Centro
London SE1 7NA
20th August. 19S2
CAISSE NATIONALE
SES AUTOROUTES
Registered Office:
56 rue da Lilia, 75356 Parts
US75.000.000 7B»% Guaranteed
Bonds due 1996
ft ft a* been purchased for the
period beginning on 19*h June.
1981 and ending on 18th June,
138Z 375 bonds It s» aggregate
principal amount ol USS3,«02ffl.
Periods of each purchase
August 20.1981 US$500,000
October 14. 1881 US$300,000
June 18. 1982 US$1,000,000
June 21. 1982 USSSflp.000
July 2. 1982 USSmOOO
July 13. 1962 U SSI. 231.000
LEGAL NOTICES
IN THE MATTER OF
CITY & GENERAL ADVERTISING
UMI7ED
AND IN THE MATTER OF
THE COMPANIES ACT 1948
NOTICE IS HEREBY GIVEN that the
creditors of the above-named Company,
which is being voluntarily wound up,
are required, on or before the 30th day
of September. 1882. to send In thalr
full Christian and surnames, their
addressee and descriptions, full particu-
lars of their debts or claims, and the
names and addresses of their Solicitors
(If eny). to the undersigned Brian Mills,
of 1 Wardrobe Piece, Carter Lane.
London EC4V SAJ, the Liquidator of
tha said Company, and. If ao required
by notice In writing from the said
liquldatm, are, personally or by their
Solicitors.- to coma in and prove their
debts or claims at such time and place
as shall be specified u» such notice, or
In default thereof they will be excluded
from tha benefit nf any distribution
made before such debts are proved.
Dated this 4th day of August. 1932.
BRIAN MILLS,
Liquidator.
IN THE MATTER OF
K. S. EAGLES 9 COMPANY LIMITED
AND IN THE MATTER OF
THE COMPANIES ACT 1948
NOTICE IS HEREBY GIVEN that tha
creditors of tha above-named Company,
which is being voluntarily wound up.
are required, on or before the 20th day
of September, 1982. to send in their
full Christian end surnames, their
addresses end descriptions, full perticu
tore of their debts or claims, and the
names anti addresses of their Solicitors
(if any), to the undersigned Patrick
Wetter John Hartlgan of 1 Wardrobe
Place. Carter Lane. London EC4V SAJ.
die Liquidator of the said Company,
arid, if so required by notice In writing
from the aerd Liquidator, era. personally
or by their Solicitors, to come In and
prove Chair debts or claims at such
time and place as shell be specified
In such notice, or In default thereof
they will be axofudarf from tha benefit
of any distribution made Before such
debts are proved.
Dated this 9th day of August 1962.
PATRICK WALTBl JOHN HARTIGAN
(F.C.C.A.).
Liquidator.
COMPANY
NOTICES
NOTICE TO HOLDER* OP
EUROPEAN DEPOSITARY RECEIPTS
<EORx) IN
MAKITA ELECTRIC WORKS LIMITED
We are DIeued to confirm, that cooler Of
Ww Annual Report tor the year ended
February za. 1982 vc now available to
edh holders, upon application, at the
other* el the P a w tllir r. Citibank. N.A..
336 Strand. London WCZR IMS and tile
Agent, Citibank (Luxembourg) S.A.. 16
Aranue Marie Theresa, Luxembourg.
CITIB AN K N. Ami
(CSSl DeoO
August 20. 1962. London Depositary
BUILDING SOCIETY
RATES
. Every Saturday the
Financial Tiroes
publishes a table giving ■
details of
BUILDING SOCIETY
RATES
on offer to the public
For advertising details
please ring:
07-245 0000 Ext
FINANCIAL TIMES
PUBLISHED IN LONDON & FRANKFURT
Head Office: file Ftanctt Thai United, Braehan How e. 10 Cannon Street, Landau EC4P 4BY.
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Mb BBfMW.Mf A J i uflj t if Centra
fAffshts Lt Loom. 1&6 AKdeftvsA 75044,
zsssssaaesaist
THE COLWt VALLEY WATER COMPANY
NOTICE IS HEREBY GIVEN that the
Transfer Books of ** Ordinary and Pre-
ference Stocks of the Company will be
fluffed far one day only on 7.tti. Septe mber.
1962 for tho preparation of the dividend
w:mn& parable 6fi 1st October, 1 932.
Dahri nfeotieth dar of August.
1982- w a. COSGROVE, Secretary
BlackweP Houif-
Aldenlwm Road.
a&ae&te* » ««
J. A. DEVENI5H pfe
NDTICe IS HEREBY GIVEN that the
Transfer Books of the 4»4% Redeemable
Debenture Stock 19B1.-B6 and the 3.85%
Cumulative prcfarence Stock will be clued
(tom the 1 7th to 30th September. 1962
math daw inclusive) tor the p«BareUon
or the warrants far Inter eft and Dividend
payable on the 30th September 19B2,
By Order of the .Boa^J
J. A. LUTHWA1TE.
Sacretarr
Trinltr Hmwe,
IS, Trinity Street.
Weymouth. ■
3 1st July. 1982
031-226 fl2a«MU$Tft 031-226 4239L
Frankfurt: Eritoriri fte riMoriha 7140. Trine
416052. Tab 7598 157. Mrartfafag Goidetiitr.
54. Tetezr 4161S3L Tel: 75980.
Sam 35 na id CaMriar. Tatar 22569. Tri:
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Bumf toad CantraL Trice WLTafc
5235366.
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630-75®.
[Mte AitefUv hnnnaf Hoes*. Tha
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Lisboa: Pram da Artgrta 58-10, Ustam 2. Trice
12533. Tri; 362 506.
Rio de Janeiro: Me Brgece 45, Sates
2611-2612, Centra DBF 20090, Mo de Janeiro
RJ 8naL Tfek 263 8645. Titos c/b noten.
Hornet rBftfanV Via deSi Mrerit 55. Trias
610032. Ttfc 678 3314.
Stockholm: GdRntef Svante ttooKtitot,
taatemteraga, 7 . Trice 17*03. Ttfc » 60 66-
Tokyo: Etfterfcf 9b Flow, Mhoa Kafari,
SmUm BuB«ag,l-»Ot«roehL DdjmdaJui
Fas 245 0358- Tri: 241 2920. JUKrtfctoe
BuDrirv, 1-6-10 Ushfttoria,
Trias 127304.
CMyada k a. Trice
. nh 295-4050.
Wariliny t ia i: fitftariri 914 Rational Press
Bi-Mng, WMttoatan BJC. 20045. Trice
440340. Tefc (202) 347 8676.
For Share index ml Business News Sumnaiy, Telephone 246 8026
(nuntiier, precattef by. the appropriate area code vafid for London,
Knningham, Liverpool aid M anc hest e r).
Aff-rehartUng-Et tebject to the pobtote^E current toms and GonflNfaA cegfef 4f wMeft saBahie oit
rewtsL ...
£
AUSTRALIA
Opportunities for
Participation and Expansion
in the Banking
and Financial Sector
The September issue of THE BANKER
will be discussing the fundamental changes
taking place in the structure of Australian
banking. AUSTRALIA • — - one of the
world’s largest energy and natural
resources continents — is attracting world-
wide banking, financial and investment
interest and the opportunities to participate
are growing significantly.
Institutions wishing to advertise their
presence in, and commitment to, the
Australian banking and financial sector in.
this important study in the September issue
of THE BANKER, should contact
immediately:
ALASDAIR MORRISON
.THE BANKER
MINSTER HOUSE
ARTHUR STREET
LONDON EC4
Tel: 01-623 1211
Telex: 8814734 •
COPENHAGEN HANDELSBANKAS
. Half-Year Report
Copenhagen Handelsbank
sustains satisfactory growth
in earnings
The Banlfs resultsforthafirst half crf1982 were satisfactor y .
Before provisions for bad and doubtful debts, adjustments for
changes in the market value of securities, and taxes, the oper-
ating profit was-D.Kr. 331 million against D.Kr. 270 milGon for
the first half of 1981.
PROFIT AND LOSS ACCOUNT (summary)
(D.Kr. milDon) .
Interest and commission on advances...
Interest and dividends, etc., on bonds,
shares and mortgages, eta
Interest on deposits with domestic and
foreign banks, etc
First half of
1962 19S1 .
1,715.1 1,482.9
413.6 346.4
885-6 7655 '
Total interest income -
3,014.3 2.594.8
Interest on deposits
Interest on deposits from domestic and
1,280.8 1,1343
8333 6522
53J9 29.6
fotereston subordinated loan capital.
Total interest expenditure ....
2,168.5 1,816.1
Net income from interest and
commission
Profit on and exchange-rate adjustments
of foreign currency*) „ ~ IT
8453 7787
643 3 A
1312 1193
Other ordinary income ........................
Profit before expenses, etc..................
1.0413 9023
Other expenses
-210.3 -1943
Profit before provisions and
depreciations, etc. .......
3312 2704
•) Including exchange-rate adjustment of securiSss denominated
in foreign currency and subordinated loan capital
In foreign currency.
The figures fertile first half of 1981 have been re>ananged In accord-
ance with a. new executive order on the presentation of accounts
effective from January 1, 1982.
Despite a general tendency in the first half of the vear for
shares and bonds to fail in price, the Bank had matched losses
on the market value of securities in its portfolio against gains
by the end of the period.
The Bank improved its performance primarily because of
the continued growth of its business, but it also had con-
siderable success in curtailing the net exchange loss on
subordinated loan capital denominated in foreign currency,
which had reduced net earnings by nearly D.K& 58 mflnon
last year.
Prospects for 1982
Hie final results for 1982 will depend, to no small degree,
on the - fortunes of the business cotmurety and, not umatu-
rally,.the BanJrts own customers in particular. In the first half
of the year, the number of companies suspending their pay-
ments to creditors or going bankrupt remained on the very
high level recorded in 1931, even though there seem to be
signs of a positive trend in a few areas.
The Bank's budgets continue, therefore, to make provisions
for bad and doubtful debts of the same order as in 19 S 1 -
Assuming that the bond market remains steady, without any
large fluctuations in the interest level, the net orofits for the
year as a whole are expected to be about the same as in 1381.
COPENHAGEN BGMTOBIaSKMfS: A/S
,r .-r-
4 is?:
. T‘
i ’•
^ \
- .2
Financial Times Friday August 20 -1982
THE PROPERTY MARKET BY ANDREW TAYLOR
Sears takes Woolworth’s Bromley store
THE F. W. "WOOLWORTH
group has chalked up the first
sale in its 25 store disposal
programme announced in
March. V col worth’s 9.559 sq ft
store in Bromley, Kent, is being
sold to Sears Holdings which
plans to Tederelop the site
along with three adjoining shop
units in Bromley High Street.
Wool worth, which last week
announced a half-year pre-tax-
loss of £4.9111 against a loss of
£1.5m in the first half of 1981-
S2. has said it hopes to raise
£9Qzn from the sale of the 25
stores in prime high street
locations, scattered around the
country.
Since the first half of last
year. Wool worth has announced
plans to sell 31 of its stores.
Of these, three have been sold,
including the Bromley site for
which Sears is understood to
have paid around £4.5m."
The two other stores sales
have been at Argyle Street in
Glasgow where a 40.000 sq ft
store fetched around 112.8m and
at Bournemouth where Wool-
worth's 27,000 sq ft store went
to Boots for between £5m and
£6m.
Woolworth hopes to raise
around £l40qj from the sale of
all 31 stores, although some re-
tail analysts think this figure is
too optimistic given the present
depressed state of the retail
market.
Nonetheless. Woolworth says
that it is satisfied with the pro-
gress made so far. It says that
there has been strong interest
in a number of its* sites and that
negotiations on several proper-
ties are at an advanced stage.
.. Responsibility for the latest
tranche of 25 stores to be put
on the market bas been divided
among three firms of agents.
Healey and Baker, which
arranged the successful Bromley
disposal, is also handling the
sale of Woolworth stores in
Leeds, Derby. Guildford. Dublin,
Liverpool, Nottingham and Rich-
mond.
Edward Erdman is handling
the sales at Manchester, Burn-
ley. Blackburn, Lewisham,
Oxford, Blackpool. Watford and
Brentwood. Hillier Parke rhas
been given responsibility for
sales at Edinburgh, Wood Green,
Holloway, Dalston, Tottenham,
Upper Edmonton, Wigan and.
Ilford.
The remaining four Wool-
worth stores up for sale — part
of the original, six stores put .on
ihe market late last year-r-are
at Putney, Kensington and
Oxford Street in London and at'
Dundee in Scotland.
Woolworth plans to use the
cash from property disposals to
reduce group borrowings. In-
terest charges in the first half
of this year increased to £7.8m
compared with £5_3m in the
first half of 1981. At the end
of January this year group bor-
rowings stood at £139zu..
Meanwhile, Sears Holdings
plans to start work on redevelop-
ing Woolworth’s Bromley store
when it closes at the beginning
of next year; It has already
started work on redeveloping
three adjoining shops where it
plaits to provide two new retail
units oi -3,000 sq ft and 5,000
sq ft with 5,000 sq ft of offices
on upper floors.
At the Woolworth store,
Sears plans a full redevelopment
to create two new shop units
.each of 7,500 sq ft with 5,000
sq ft of offices also planned for
the upper floors. It Is under-
stood that W. H. Smith has
already agreed to take one of the
two new shop units.
Sears had been assembling
this site, In one of the busiest
sections of Bromley High Street,
over a number of years. It had
already acquired the three shops
nezt door to the Woolworth
store where it operated a shoe
shop. Lilley & Skinner, on one
of the units. The other two
unist were previously let to Jean
Junction and a charity gift shop.
Sears intends to continue to
operate one of its shoe shop
chains from one of the new
stores.
Edgbaston offices still out of favour
WHILE MANY industrialists
may like living in Edgbaston,
the leafy suburb of Birmingham,
modern office blocks there con-
tinue to be out of favour as
administrative centres for
major manufacturing com-
panies.
Recession and cost-cutting
have led to moves out of the
area by a .number of leading
companies, -such as Tube Invest-
ments, Duportand most recently
Deitfaflow, part of the Delta
Group, with serious effects on
the property market.
Deltaflow’s departure has
led to the apparently generous
offer of £100,000 to anyone who
is prepared to take over its
lease on 15,000 sq ft of offices
Jn Metropolitan House, an
MEPC property in Edgbaston.
If) for Industry
BORDON, Nr. Farnham
Industrial Sites
FOR SALE
Industrial Units
3.000-12,000 sq. ft
TO LET
BOREHAMWOOD
A1 Barnet by Pass
13.800 sq. ft. .
Factory and Offices-
LEASE FOR SALE/.TO LET
CARTERTON/BRIZE
NORTON, Oxon
New Single Storey Factory
7.000 sq. ft.
TO LET
EDMONTON, N18
■4.6 acre Industrial Development Site
FOR SALE FREEHOLD
LON DON, SE15
Modem Single Storey
Factory/ Warehouse Units
4.325-13,425 sq. ft.
Ready For Occupation
TO LET
LONDON, SW19
4.650-45.200 sq. ft.
New Industrial and Warehouse Units
TO LET
SBTTINGBOURNE, Kent
Factory/ Ware house
31.000 sq. ft
' REVERSE PREMIUM AVAILABLE
TONBRIDGE, Kent
■ Last Remaining Unit
12.160 sq. ft
TO LET
King&Co
Chartered Surveyors
1 Snow Hill, London, EC1
01-236 3000 Telex 885485
Birmingham • Edinburgh- Leeds- Manchester- Brussels
BANKING HALL
Lease for Sale
ST. JAMES S.W.l
PRIME CORNER LOCATION
4700 sq.ft.
Incl u di ng Storage & Vault
Sole Agents
Johnson, Wright
&. Partners
• OPPORTUNITY TO ACQUIRE UNIQUE
FREEHOLD OFFICE PREMISES
WITH SHOWROOM
BISHOPS STOBTFORD- HERTS.
(Close to M/I and M25 Motorways )
' - - * 2,300 sq ft approximately
* Outline planning consent lor expansion
Excel lent nil Ihk to London and East Coast
Filth oi an acra «>'-B
4 PartVafurbiahad to high standard
* Ample on car parking
FOR SALE— FREEHOLD
DERRICK WADE & WATERS
Tetr Harlow (0279) 39191 TeieXs 817518 (Contfep)
MEPC itself has refused the
offer.
.The proposition, which will
probably damage an already de-
pressed market, arises from the
uneviable position of Detalfiow,
which is paying more than
£70,000 a year, in rent and other
charges for premises it vacated
more than 12 months ago.
The lease on the space, which
is let at £2 a sq ft with the first
review in late 19S4, expires in
1999 and agents Chesshire
Gibson are hopeful that £100,000
will be enough of an incentive,
to find an occupier. It is poin-
ted out that if the economy
picks up it could be a bargain.
However, with around 300,000
sq ft of space now available in
Edgbaston office blocks, much of
it in Metropolitan House and
Broadway (both owned by
MEPC) it is unlikely that rents
will take off quickly.
Mr Geoff Thomas of Cbesshire
Gibson said: “There is still
strong demand for smaller areas
of space in Edgbaston. but
above ' 10,000 sq ft demand is
very slow."
In addition to the problems
created by industrial companies,
a. number of government
departments have also moved
from Edgbaston into their own
offices, and recent mergers by
professional and financial
occupiers have taken them into
the ci4y centre.
The result is that some of the
larger buildings constructed on
a wave of optimism in the
mid-70s, when the city’s office
stock was being taken up
rapidly, have never been fully
occupied and some are now
emptying.
Moreover, while engineering
companies were content to be
out of the city centre (and
many have now' returned to
factory-linked offices), financial,
banking and similar occupiers
seldom wish to be isolated from
their business environment.
As a consequence, rentals- in
the city centre are approaching
a new peak of £8 a sq ft while
in Edgbaston it is difficult to
establish any norm for large
areas with space, given the
competitive state of the. market,
according to Richard Smith of
Elliott Son and Boyton.
Lome Barling
On the instructions of .
Scandinavian Bank Group
PRESTIGE AIR-CONDITIONED OFFICES
TO LET
5,400 sq. ft approx.
P&O BUILDING LEADENHALLSTREET LONDON EC3V4PT
01-2833641
j
BIDWELLS
Charles F. Jones
&Son
LAKE WINDERMERE,
CUMBRIA
WHITE CROSS BAY
CARAVAN PARK
480 UNITS AND MARINA
One of the most prestigious Caravan Parks in ihe country set in
landscaped grounds in the heart of the Lake District with 450 yards
of lake frontage.
355 Statie units 125 louring units
Marina with 60 berths Mipwuv and moorings
2 staff cottages, further 4 cot /aces available
Amenity complex with bar. shop and amusement arcade
Admit list rat ion Centre
Total arc) of 72 acres For sale in 2 Lois
FOR SALE FREEHOLD BY TENDER
• Joint Sole Agents
BIDWELLS Charles F Jones & Son
Chartered Surveyors
Tnmrpingtco floai Ounbridpe TO Watergate Street Chester CHI 2NP
CB2 2LD TVfc Cambridge (0223) 841841 Tel: Chester (P2M) 28141
TeJ ex; 8176M Telex: 61665
PADDINGTON W2
LUXURIOUSLY FITTED
LICENCED CLUB
2,17b sq. ft
Offices/Showroom 3,060 sq. ft
Spacious 5 roam self-contained Hat
Entire property lor
immediate occupation
FOR SALE FREEHOLD
Prica £565,000
Details tiom Sole Agents:
\<;r Jackson --Stops & Start 'I
a •: vU/on’ STiuit-i-l'tf NT in' wi a: i .-y i -'.’il |
EXCELLENT
OFFICE FLOOR
IN
CENTRAL CROrDON
CAROLYN HOUSE
TO BE LET
6,000 sq. ft.
Harold
Williams
BennettA Partners
Chartered Surveyors
01-6863141
96 Park Lane
Croydon CR92NL
WestnwwerCaterham
Godstone Meretham
ReOhfl Restate
PICKERING PLACE
ST. JAMES'S ST.,
S.W.t.
ATTRACTIVE PERIOD
OFFICE BUILDING .
LEASE FOR SALE
1,900 sq. ft
WHITE DRUCE & BROWN
01-629 2102
AUCTIONS
DEVON
□E GRQOT
COLLIS1
BUCKINGHAM
STREET W.C.2.
Two adjoining
modernised
office premises
TOLET
3,200square feet
Attractive period
building
1,000 square feet
S/C Suite -
•309-31-3 HIGH HOIBOKN lONDCN V^TV JIX
01-8317651 •:
PRIVATE PROPERTY"
DEVELOPMENT COMPANY
ASSETS APPROXIMATELY E4',m
Preparing growth tor Mating in
approximately six months. We wish
to meet people or companies with
bis at a or Income (at least £4m) for
mutual expansion.
Write Box T57-®. Financial Tima*
70 Cannon Street. EC 4P 4 BY
CENTRAL PRESTON
Freehold lor Sale by Private Treaty
2SB & 26 Winckley Square
4. storey building with planning
approval lor Change of Use to
oriicos.
Nett Lettable — Approx. 6.850 eq. ft.
LIVERPOOL
5 miles City Centra
Freehold lor Sale as a whole or In
two lots
The Community House
Woolton
Suitable lor adaption to a number
ol alternative uses.
LOT 1—A modern 2-stprey building
with high quality finish. 14
bedrooms, all main services,
gas-fired central heating.
Grass internal floor area
11.035 sq. ft.
LOT 3— Two residential building
plots adjoining Lot 1 with
outline Planning Approval.
LOWTHER, SCOTT-HARDEN
AMD PARTNERS
- - Chartered Surveyor*
Monkend Estate Office
South Parade, Crolt. Darlington
Co. Durham DL2 2SJ
Tel: Darlington (0325] 730976/720614
Telex: 58657 AWSH G
HALF ACRE appro*- Industrial Site near
Maidenhead. 3.700 co. ft. «P or ox. Class
3 buildings, otters invited. Detail* from
Braxton. 7»l: Maidenhead 74234.
OPEN STORAGE SITE to let, Wanning. El,
Aoprox. 16.000 so. ft, Apply 01-377
0137. ref. BMN.
RESIDENTIAL SITS with outline consent
lor 16 maisonettes. CocirfoJWrs. N. 14 .
For sale freehold. Aooiy fcairstow Eves.
Teietyione 01-377 0137. Ml. BMN.
A Freehold I icons ad Moral and
Caravan Park known as
THE OKEHAMPTON MOTEL
OKEHAMPTON
Excellent Accommodation
Function Facilities
Licensed lor 25 Caravan*
Healed Swimming Pool
Grounds of Acres
FOR SALE BY AUCTION -
on Friday 10th September. 1S32
(unless previously sold)
CHERRY & CHERRY LTD
13-14 Sauthornhay West. Exeter
Tel: (0382) 73081
FOR INVESTMENT
I.B.A. INVESTMENT
75% initial allowance.
MOTORWAY LOCATION
Producing £53.400 p.a.
For quick sale £665,000.
Tel: 0742 760391
(Ref: NFG)
NR. M25 — Outstanding now industrial
m.eitment opportunity, with ISA possi-
bilities. Completion March ’85. Gross
capital value £.730.000. Substantial ore-
lets, tnvesrmanr s ale and. or ocher
development finance required. Write
Box T. 5747. Financlit Times. 10. Cannon
Street. London EC4F 48Y.
WANTED
Go-ahead
for Brent
scheme
CONTROVERSIAL plans for a
major commercial and indus-
trial development — including
a 100,000 sq ft hypermarket— in
the London borough of Brent'
have been given die go-ahead
following a public inquiry.
The multi - million - pound
scheme proposed by a British
Rail-led consortium for the re-
development of 71 acres of
land has been approved by the
secretaries of state for the En.
vironment and Transport. Mr
Michael Heseltine and Mr David
Howell.
The scheme has been ap-
proved despite strong objections
from the local borough council
which said that the inclusion of
a major hypermarket in the
plans could affect nearby shop-
ping centres at Hariesden and
Willesden Green,
The consortium, formed in
1978, include^ British Rail,
which fiwns the freehold of the
site. Legal and General Assur-
ance (Pensions Management),
Tesco, English Property Cor-
poration, Ready Mixed Concrete
and Kyle Stewart Contractors.
Drivers Jonas represented BR
at the inquiry and Healey and
Baker acted for Tesco.
Details of funding arrange-
ments have not been announced,
planning approval provides for ‘
a rail-linked freight complex to
be operated by BR. a Tesco
hypermarket and an aggregates
depot and coated roadstone
plant for Ready Mixed Concrete.
Activity in London
industrial market
NORTH LONDON is seeing
Its fair share of activity in the
industrial property market,
where projected development,
construction and a major
letting come op in three
separate instances this week.
At TufneU Park, north of
Camden Town, British Tele-
com has taken over 40,000
sq ft of the Bush Industrial
Estate for use as a telecom-
munications centre from
Hillier Parker, joint letting
agents with Healey and Baker
acting on behalf of JT
Development, at a rent Of
around £3-25 a sq ft.
A new £3m estate compris-
ing more than 50,000 sq ft of
industrial space is to be
developed on the Edgware
Road in Hendon following
acquisition hy Birmingham
property company Redlake
Securities of a 2.8 acre indus-
trial estate from the British
Waterways Board. Mean-
while, Arunbridge is starting
construction of another £3m
project at Tottenham, Involv-
ing a major 55,000 sq ft pre-
let to Booker MeCounell.
• Dehenham Tewson and
Chinnocks’ latest office floor-
space survey, covering the
EC and WC postal -districts
of London, reveals an in-
crease in space available and
a lower level of demand
during July compared with
June. Space available is now
3.78m sq ft, an Increase of
235,000 sq ft over June;
space let, sold or under offer
has dropped by 117.000 sq ft
to 276,000 sq ft over the same
period.
• Scandinavian Bank has one
remaining unit of the space
surplus to its own require*
meats in its major refurbish-
ment at 2-6 Cannon Street,
overlooking St Paul's
Cathedral in London. Initial
rent is £135,000 per annum
on a new lease for a term of
seven years subject to a rent
review and landlord's option
to determine at the fifth year.
• The Teachers' Assurance
Company has paid £870,000
for a freehold investment in
the centre of Koyslon, com-
pleted two years ago and
known as the Melboum
Street Development It com-
prises a supermarket, five
shops, two suites of offices and
two flats. Keith Gardale
Groves acted for Teachers’,
which gels an initial return
of just over 7.25 per cent
• Colonial Mutual Life
Assurance Society, repre-
sented by Leavers, is paying
around £900.000 to Flemings
for No. 32, Charlotte Square
in Edinburgh. The bnilding,
which is presently being re-
furbished, will provide
approximately 9.300 sq ft of
office accommodation and car
parking facilities in one of
Scotland's premier office loca-
tions. Leavers will he retained
as letting agents together
with Richard Ellis.
INTERNATIONAL PROPERTY
TROPICAL ISLAND
_ in the
WHITSUNDAY PASSAGE -GREAT BARRIER REEF, AUSTRALIA
One of the last opportunities for major resort development in the Great
Barrier Reef region. An established resort operation together with extensivejg=i
development leases on 790 ha (1 950 acres ) Lindeman island are available^
for purchase by private treaty.
Outstanding Beauty ?
Surrounded by over 80 other islands. Exceptional flora and fauna. ^irlievV. yjr ^.
Varied scenery, part maintained by National Parks & Wildlife \
Tourist Resort
Existing resort has 89 accommodation units, bars, restaurants, 6-hofe *
golf course, swimming pool, tennis court. Lgffj IjJfUMrfV
Development Potential /jfijduW S '
2 further magnificent beach sites suitable for resort hotels and an /W 9 / ®r n
attractive condominium site. ^ Jfljj,
Established Infrastructure - — A r“ □
k Plentiful water. Airstrip, Jetty, Powerhouse.
tafr Also available for purchase. l&T I M
Air Charter Company with three light aircraft t
Offers in Ihe order of AS7.S y W > /fl 1
• million will be considered.
3 Interested parties to establish . 1 . It—
feta negnl iaiions prior to
30t/i September, 7982. J ^
Brian Hall Jones LangMM&sini
Rf A Qcror ^ 20 Bond si Sydney. NSW 2000.
Ot 4 lUlV^vJ Te , (0 2 ) 231 2577 Telex 22344
181 Mary Si.. Brisbane. Qld. 4UU0. 703 Mount 5L. London W7Y 6 AS
Tel: ( U7 ) 22 1 J999. Tel: 01 493 6040 Telex 23858
DENVER, COLORADO
For Sale
6.5 ACRE OFFICE DEVELOPMENT SITE
309 ACRE INDUSTRIAL ESTATE SITE
(77 Acres Fully Serviced)
Further information from:
M. H. Pemberton
AIR PRODUCTS LIMITED
Hersham Place, Molesey Road, Watlon on Thames. Surrey KT12 4RZ
Telephone: Walton on Thames 49S00 Teles: 917243 AIRPRD G
INVEST IN AUSTRALIA
Established egg producing business for sale at
$2.1 million (Aust.).
A 44,000 layer complex fully licensed and self-
supporting with a minimum of labour.
Before tax profits of $300,000 (Aust).
Particulars, photos, figures contact
Property Manager
Dalgety Australia Limited
41 Currie'Street, Adelaide, 5000
South Australia
Phone:618-2161140 Telex: (71) 88786
By Owner
SITE
STATE OF WASHINGTON
Sale or joint Venture
* Comprehensive market
survey just completed
* Sice ideal for development
now
* 1 1.4 Acres, zoning in place
* Several unsolicited potential
tenants have contacted us
For information
contact the principals:
Acquest West Corporation
855 106th Ave. N.E* 103
Bellevue, WA 98004, USA
Phone 1-206-451-8666
Telex 152556
SWITZERLAND
FOREIGNERS can buy apartments freehold on LAKE GENEVA. In Montrsux
near Lausanne, or all year round resorts: St. Cerqie near Geneva, Villars,
Verbier. Las Diablerets, Uysin. etc. FINANCING 50-70% AT LOW INTEREST
RATES. Also quality propartiea in France: Apartment* in EVIAN on the
lake, approximately 35 minutes from Geneva, and luxurious villus VERT
NEAR THE BORDER OF GENEVA, built to your specification*. Advise area,
preferred. Write to:
Developer, c/o GLOBE PLAN SA, Mon-Repos 24, 10CS Lausanne, Switzerland
Tel: (21) 2235.12 - Telex: 25185 melis Ch
SECURE YOUR CAPITAL AGAINST
WORLD-WIDE INFLATION
Unique Development Opportunity
FUEHTEVENTURA, CaHAKIAS
Beautiful sites .iv-nlable m plots
trom 1.000 to 33.000 sq moires
* Law coat of living/huiiding
* 65‘ yoar round climate
* New Iniomationjl Airport from
UK. Europe. Africa
* Full planning permission granted
■ Magic acomc viows
* Inspect lovely existing
developments
AH enaulries to Box T5744
Financial Times
10 Cannon Street, EC4P 4Kf
INTERNATIONAL
PROPERTY
FLORIDA — I n»est In a luxury home In the
most beautiful and ocjcttul part at tfte
Sunshmo State." where the Urine is
both so od and Ineuenslrr. I own one
and can oi»e >ou tne benefit of my per-
sonal knowledge. Aik me tor detail) of
- how vou can lire In ono without Chirac
or ooltgarion while yeu Judge their
quality. K. Sloan. SI Macaufer Road.
' StockDort 5KS 6JR: tef: Ofil-442 7419-
GUERNSEY C.I.
FREEHOLD FACTORY
FOR SALE
Situated in Si. P«er Port.
14.100 tq ft or would split into
Z units ol 9.300 and 4.800 sq ft.
Light industrial usa or showroom.
PHONE MRS. GROVE on 01-650 3502
FLORIDA
U.S.A.
Commercial Developed Plots
on Major Highways
70% Finance at SV. reducing rata
- of interest. Annual payment
Rare opportunity
Shaman & Shannon, 451 Alexandre
Ave. Harrow. Middle - 01-868 7223
TEXAS FARM INVESTMENT
2.170 acre* (871 ha) Prime Arabia
Land. Price US$2, 604, 000. Net rat.
pa 7.3 Vo. II purchased before Sapt
15 1982 US Govt, wifi refund mm.
ol USS3 70,000 on Sept. 15 1992.
Other Investments in prime farms or
{areata USA and Canada.
Unifeller (UK) Ltd. PO Box 39 '
Krtawle, Solihull - Telex: 33S11Q
Tel: (05645) 77014
10
Financial Times Friday August, 20; 1082
- MANAGEMENT
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EDITED BY CHRISTOPHER LORENZ
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How Stanley Gibbons plans
to lick itself into shape
Arnold Kransdorff reports on the stamp dealer’s prospects
following its third change of ownership in three years
AMID all the sophistication of
a modem, computerised com-
pany, David Stokes insists on
using his frazikiog machine as
little as possible.
Ifs not that be has anything
against franking machines. In a
heavy week be could be posting
more than 100,000 envelopes, so
mechanising the operation
would save a lot of time and
money.
But he likes stamps and as one
of ’the new owners of Stanley
Gibbons International, the
world’s oldest stamp dealers, he
feels that he should be support-
ing the hobby of stamp collect-
ing.
As a result, up -to 60 clerical
workers at the company’s Ring-
wood, Hampshire, base for the
modem stamp division spend
much of their time tearing up
and sticking stamps on to
envelopes using roller dampers.
It is a chore but one, Stokes
believes, that customers appre-
ciate.
Stokes is managing director
of the newly-constituted Stanley
Gibbons, a company which was
started 126 years ago and sur-
vived as an independent unit
until 1979. Since then, it has
had the uncomfortable distinc-
tion of being taken over twice
and returned to private owner-
ship.
FiTSt time round was in 1979
ivhen, after slightly more than
10 years as a public company,
it was acquired by Letraset. the
British graphics group, in an
ill-fated diversification bid.
Barely three years later Letra-
sef was itself taken over by
Esselte. the Swedish office
Supplies, graphics and packag-
ing- company, which had no
interest in retaining the stamp
side of the business.
As a result Gibbons was put
on the market and in June this
year agreement was reached
with Stokes to lead a manage-
ment buy-out. Its new owners
are a combination of long-
serving Gibbons managers and
— like Stokes — managers
brought in from Letraset.
With one exception, they had
seen the company — under
Letraset — turn record annual
profits of £2 .2m into losses of
£4.2m-
In many ways the decline of
Gibbons illustrates the classic maps, medals, coins, banknotes
dangers to a cash -rich company and bonds.
(Letraset) of venturing into In the end this ration a lisa-
uncharted territory. The dismal .tion cost Letraset £5m, leaving
performance of Gibbons was it wide open to takeover bids.
basically responsible far
Letrasefs largely defenceless
position in the face of a
predator.
Letraset — under its chairman
Bill Fieldhouse — originally
bought Gibbons because it
needed a home for the surplus
cash it was generating from its
dry transfer lettering products.
In little mere than 10 years the
company had penetrated major
world markets to the extent that
it had cornered over half the
available business for its
specialist products.
Although already the world’s
largest stamp dealer. Gibbons's
activities were largely confined
the UK and Commonwealth.
Letraset reasoned that it could
internationalise Gibbons in the
same way it had spread its own
activities.
The obvious target market
was the U.S. and barely nine
months after paying a hefty
£19m for Gibbons, Letraset paid
another SlOm for one of the
finest collections of U.S. postal
history.
Speculative
The price was far in advance
of anything Gibbons had ever
bought before, and to help pay
for it Letraset launched a £9m
rights issue.
The next move was to open
an auction house in New York
— another expensive decision
— but by then the recession
had taken grip. High interest
rates had halted the speculative
boom, and the world market
for rare stamps, on which Gib-
bons was highly dependent,
went flat.
By January 1981 — little more
than two years after the
acquisition — Letraset was ad-
mitting that its foray into
stamps had been too expensive
and that it was going to have
to rationalise the Gibbons
operation.
Its first move was to close the
New York auction house and
then divest Gibbons of. its non-
stamp assets such as antique
"With the original rump of the
business stiU in good shape,
they were not slow in coming.
First off -the mark was Mills
and Allen International, the
advertising, contracting and
money broking group. This was
opposed but then Esselte
stepped in with a higher bid —
and Letraset gave in.
Having just been hived off
from the Esselte group, Gibbons
is again a small, independent
company, though one which has
been- shaken to its roots.
But with basically the same
management team that existed
under Letraset, why should he
think he can do any better now?
He has a number of reasons.
In the first place, he believes
that Gibbons is the sort of com-
pany that works better as a
- smaller., entrepreneurial unit.
With the exception of the auc-
tion houses Sothebys and
Christies, ail the other major
stamp businesses are private
companies or part of a small
group.
In Gibbons’s case, he believes
that the heavier corporate struc-
ture that Letraset brought with
it proved to be a “shackle.”
“ Coming out of Letraset and
Esselte will make it easier for
us to motivate people and give
us the space to do things . For
example we should be able to
make buying and marketing de-
cisions a lot quicker now. This
is essential because the stamp
business is a very sensitive mar-
ket and one has to move fast”
Secondly, he believes that
management has learned valu-
able lessons from the past He
describes the company's pre-
Letraset diversifications into
non-stamp areas ( maps, post-
cards, coins, etc) as .an obvious
mistake.
At the time, the motivation
for moving into other areas was
to find some buffer against any
downturn in stamp trading, he
recalls. In the event these other
interests became a drain be-
cause “the cycle affected them
all in the same way.”
Stokes believes that in 'spite
of bad management' decisions
admitted by Letraset a lot of
corrective action has been
implemented.
“We have now concentrated
the business back on to its his-
toric origins of stamp collecting
by getting out of such areas as
coins, bank notes, bonds, maps
and playing cards. lu the 1979-
1980 period these ’other col-
lectibles’ accounted for almost
25 per cent of sales; today, they
acount for no more than around
2 per cent.”
The other important shift of
trading emphasis has been be-
tween sales of new and rare
stamps. In the recent past the
company had concentrated
heavily on rare stamps, with
stocks topping £15 at a time
•when annual company-wide
sales were at the £22m level.
“We were over-concentrated
before in the narrow collecting
area of rare stamps." Stokes
says. “Although we want to
retain our rare stamp business,
and build it into a first class
service for specialist collectors,
we also want to expand into
modem and ’ popular ’ stamps,
ie post-Second World War."
A third area of management
focus is to develop the publica-
tions side of the business.
Stokes plans, to expand the
existing range of catalogues and
introduce some new ones, such
as a post card catalogue and
a catalogue of Commonwealth
varieties and errors. He also
wants to increase the company's
album range and introduce
** ready-made collections of
various types.”
In operational terms, the com-
pany is also much slimmer.
Under Letraset. UK staff levels
rose to about 450 but the sub-
sequent rationalisation has
reduced this figure to about 225.
Worldwide, the company em-
ploys about 270 people.
There are three operating
divisions — philatelic. modem
stamp and publications.
The philatelic division deals
with rare stamps and the so-
called "popular" stamps v/hieh
exclude new issues. Sales are
arranged over the counter in the
company’s Strand offices as well
as by mail order, auctions and
postal auctions.
The man who runs it is the
company's rare stamp expert
Colin Whitehead. Now 34. he
Facing the problem
Athloy Ashwood
David Stokes: concentrating the business bade on to hx historic
origins of stamp collecting
joined Gibbons from school at
the age of 16.
At Ringwood, where clerical
workers have become so adept
at stamping envelopes, is the
modem stamp division, which
handies new issues and special
promotions such as the Royal
Wedding.
It is run by Mike Allen, 37.
who is also the company’s
marketing director. Allen came
from Letraset where he spent
nine years, latterly as general
manager of the UK operation.
The other division — publica-
tions — which deals with cata-
logues. albums and accessories
is run by another Gibbons “ old
boy.” Stan Zimmerman. He
joined the company in 1948 as
an invoice clerk.
Apart from the UK Gibbons
has operations in five overseas
countries. The main one is in
Sweden, which is run on very
similar lines to the UK — ie it
deals in rare and popular
stamps, new issues and the
publication of catalogues and
albums.
The other main centre is the
U.S. where, in spite of with-
drawing from auctions (Gibbons
still holds sales there, but not
from a resident basei, there is
a busy new issues agency.
Popular
small
South
Elsewhere, there are
offices in Australia.
Africa and Monaco.
These divisional heads are all
on the main board along with
Stokes, Mike Bray, another ex-
Letraset man. and Ron Grover.
Bray is the company’s finan-
cial director while Grover is a
non-executive director, having
other private interests in the
stamp world.
Following the buy-out, they
are all the main shareholders
although Stokes is reluctant to
reveal the exact ownership
profile. Stokes is also hesitant
about disclosing the price they
paid Esselte for Gibbons
although he suggests that the
rumoured, figure of “almost
£10m” is not too far wide of
the mark.
He says, though, that the
deal was clinched “by raising
money from personal borrow-
ings, a £2.5m long-term bank
loan to the company, and a
deferred consideration to
Esselte."
And what of the future?
Having just come through a
traumatic period Stokes is
naturally reluctant to make
predictions. However, he .does
point to the market place.
“ Research carried out for
Stanley Gibbons, the Post Office,
and the U.S. Postal Service all
show that the number of col-
lectors. especially the thematic
collectors, is expanding quite
rapidly." he says.
“ In the UK the number of
collectors has grown from 2.5m
in 19>o to about 4m and there
is a similar pattern in the U.S.”
Provided Gibbons can steer
some of this swell in demand its
way and that Stokes can run a
tight ship on a manoeuvrable
course. Gibbons should have a
good chance of regaining its
former glory. ' l
AS A.consultant in information
processing Martin Buss has
come across a fair number of
■different computer? in his time.
While he is all for variety be
finds that it can cause problems.
Often large companies, especi-
ally multinationals, find that
the computer systems in their
different subsidiaries are incom-
patible.
At divisional or headquarters
level this can frequently lead
to inefficiencies in information
processing. Management report-
ing, for example, is often sufr 1
ject to delays.
Instead of trying to solve the
problem, some companies, faced
with a confusion of approaches,
hardware and applications,
choose to “let sleeping do&
lie," says Buss. But this atti-
tude of benign neglect may now
be changing.
. Buss's comments are about
U.S. companies but they could
equally apply to pther large
international corporations.
Writing in the September/
October issue of Harvard Busi-
ness Review*. Buss— a senior
consultant with Arthur D. Little
Inc— says that diversity of hard-
ware and applications across
companies is not uncommon.
“Often for good reasons,
affiliates use different com-
puters and different application
systems. The regional offices
may be at varying stages of
maturity in their information
systems operations,”’ he says,
adding that diverse products
and markets in each country
may create a need for assarted
types of systems.
Buss believes that higher costs
and a changing business
environment will speed up
changes in the organisation and
management of international
information processing.
He notes that there is a
common thread in the efforts
of multinationals to change
their data processing operations.
Many are stepping up efforts
to implement the same applica-
tions software in all their
affiliates but this has met with
only limited success so far.
He quotes the case of one
large company — unidentified —
that has been largely unable
to get a new common system
in operation in several locations.
Some of its affiliates, particu-
larly the larger ones, still pre-
ferred to develop their own com-
puter systems, he reports.
“ Why will nun regional office
not readily accept an applica-
tion programmed in another? ”
he . ask Si Buss believes that he
company's" management - is
making three basic mistakes.
‘ : in . the first [place <toey are
defining their objectives poorly,
he says. “The business objec-
tives end -the -data processing
plans at the global, regional and
country levels are rarely inte-
grated Wsth objectives poorly
defined. - it is hardly surprising
that country managers give low
priority to. implementing infor-
mation systems that do not seem
to relate 7 4o their immediate
needs,” . * ■
The managers are idso f&l&ng
to. define responsibilities, he
says. “ Implementation of com-
mon systems Implies new, co-
ordinated roles for several
powerful groups of people, many
of whom are . accustomed to
acting autonomously. AH these
groups and others will now have
inter-related roles to play. There
is little chance of success unless
the roles are defibedr understood
by all and generally accepted."
Buss says that many com-
panies assume that installing
the same application pro-
grammes in several affiliates
across national boundaries is a
task for technical staff, but he
believes that this is only partly
true.
Intervention
“ Some important operational
problems require the commit-
ment and intervention of top
managers who need to * per-
suade ’ affiliates to follow a new
corporate policy, especially
when the policy requires
changes in the ground rules
concerning their administrative
autonomy.
“In addition, senior interna-
tional managers need to take a
more active interest in informa-
tion processing. The complexity
of international data processing,
often compounded by differ-
ences in language and culture,
demands more attention from
them than that characteristic-
ally given to OP by managers
in the domestic business
•Reprints Service, HBR. Boston
MA02163, US.; telex TWX
7103206737.
Arnold Kransdorff
TECHNOLOGY
EDITED BY ALAN CANE
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BY ALAN CANE
MANAGERS WORLD-WIDE are
becoming paranoid about what
their computers could do to
■their business — if the machines
stopped working.
Their fears are fuelling an
unprecedented growth in
revenues for companies making
“ non-stop " computers — com-
puters which are guaranteed
never to fail mechanically.
The computer business itself
Is growing at a brisk 15 per
cent or so worldwide. A bright,
innovative company like Wang,
the office equipment and data
processing manufacturer, can
show growth rates of up to 35
per cent a year.
But the "nonstop” makers are
jit a different league. Tandem,
generally ■ given credit for
originating the idea of nonstop
computing, turned over about
USS 200m last year; this year it
confidently expects to do
USji 350m. (In the UK alone its
revenues were £5. 3m last year
with the expectation of £ll.3m
this year.)
recently followed Tandem into
the nonstop area, reckons to do
US$40m of business a year in
1985. It began shipping its non-
stop machines only in April this
year.
New companies such' as
Synapse Computer, based in
California’s Silicon Valley (see
this page. August 19) are com-
ing into the market In the UK.
Computer Technology, a long-
established UK minicomputer
company threw its hat into the
ring last year with its own ver-
sion ot nonstop computing
called “Momentum.”
According to Item Inter-
national, a California-based con-
sultancy, the market for fault
tolerant systems could be as
much as US$22bn by 1986. Only
about 15 per cent of that market
will be supplied by the new
nonstop manufacturers.
These growth rates and busi-
ness projections are not unusual
for the sunrise industries; what
makes the nonstop companies
remarkable is that they are
Vh&vb fBd all the permutations into the computer,
and it comes up whh the same answer each tinted
Security systems
A Jaded view of nonstop computing; one of a series from
Martin Honeysett’s new book “ Microphobia ” to be published
by Century oh September 16 at £2.50 in paperback
Card to open the
safe deposit box
are losing sleep worrying
about their installations, is the
. fact, that many businesses
depend entirely on their com-
puters on g reel- time on-line
basis to cany on their work.
Imagine • a foreign exchange
room in a major bank where-
the dealers depend on infor-
mation supplied to their desk
screens by computer; a few
minutes off the airi let alone a
whole day, could cost millions
of dollars worth of business.
Published figures suggest
that a 20 minute computer
failure could cost a commodi-
ties broker - U.S.$50,000 on a
single wheat futures order.
The anxiety is very real;
managers are aware of the
a variety of approaches to fault
tolerance. Tandem uses paired
minicomputers and duplicates
all the important processing
elements in the system. Stratus
duplicates important compon-
ents and uses hardware to detect
errors.
August Systems, one of the trading into established markets jn^hfnica^S^res
*— >- ^th products winch do no more
than conventional computers —
except that they do not break
down.
What makes this so impor-
tant now, and why managers
first companies specialising in
nonstop computing for .process
control, turned over US$ 800,000
in 1981-82; its forecast for 1982-
1983 is USS 2.7m.
Stratus, a U.S. company which
David Willoughby with the August computer
and natural (and unnatural)
hazards. An article on this
page dealing with an analysis
of measures taken by com-
panies to protect their installa-
tions against disaster (June
29) gave rise to over 800
requests for copies of the
original report
David Willoughby, president
of -August Systems, believes the
underlying need is simply wait-
ing to be tapped. In process
control, its speciality, David
Boggs of August points out;
“What happens if your com-
puter is down and the ammonia
valve is still fully open.”
The traditional approach for
the large organisations like the
banks and defence installations
has been massive — and expen-
sive — redundancy — a raulti-
miUloK dollar mainframe
backed- up by a second “hot
standby" multi-million main-'
frame. Horror stories abound of
companies which discover the
standby machine is broken only
when the main computer is out
•of action.
The non-stop companies have
August Systems uses software
and a system of three micro-
processors.
Both Tandem and Stratus are
fairly expensive — a Tandem
complex starts at about
£200,000. The August approach
with its simpler processing
requirements for- process con-
trol starts at about £85,000.
The simple message — which
Tandem understood early on
and everybody else is now
catching up on — is that any
company spending enough
money on extra computers can
cover itself for computer
failure. But business computing
now means real-time, on-line
working and most companies
find the insurance too high. So
failsafe at the right price has
become the name of the game.
According to Itom: “Tandem
correctly determined that most
on line transaction processing
applications could be served
better by minicomputer class,
multiprocessor configurations
rather than mainframes.”
“ The company then designed
a radical new system by mew-
ing conventional minicomputer
architecture with then state of
the art architectural concepts
including separation of code
and data, dynamic address
translation and the idea of pro-
cesses Communicating strictly
through messages,'*
“ The result was a dean con-
sistent design. For nearly seven
years no one else was prepared
to make the substantial invest-
ment involved in such a sharp
break with the past.”
BY ELAINE WILLIAMS
BEFORE Christmas, people in
the UK will have an alternative
to banks' safe deposit systems
to store their valuables. The
first of several privately-owned
centres is to open in London’s
West End and will incorporate
a very sophisticated electronics
security system.
It will be only the second time
in the UK that a private com-
pany, Safe Deposit Centres, will
carry out a service traditionally
carried out by the banking com-
munity. ,
The centres will be built and
designed by Rosengrens, part of
the Swedish Aga group. The
company is the biggest manufac-
turer of safety deposit systems
in Scandinavia.
Rosengrens was founded
nearly 100 years ago by a black-
smith who manufactured safes
in liis workshop at Gothenburg.
Today the aim is to make the
company the European leader in
safe deposit systems with the
aid of advanced electronics to
improve its products.
The electronic system to be
installed in the UK centres
was tested at a few European
banks last year. The company
says that its new system is far
smaller than traditional bank
deposit control designs.
Mr Paul Yates, managing
director of Rosengrens' UK
operations, believes that there
are tremendous opportunities
for growth in safe deposit
'systems in the UK,
He said that only a handful
of new safe deposit systems had
been built in the UK since toe
Second World War. He felt
that UK banks did not regard
safe deposits at the mainstream
of their banking business unlike
their Continental counterparts.
In Sweden, for example, about
one third of account holders
use safe deposits.
The only other private safety
deposit system is operated by
Berkeley Safe Deposit at Vic-
toria Station. It has been run-
ning for about two years*
Berkeley introduced its
system to provide a more com-
prehensive service than that
offered by the banks and the
growing public concern about
storing valuables in the home.
In 1981. UK insurance claims
for burglary were conservatively
estimated at £165m — an in-
crease <jf 30 per cent on 1-980.
Berkeley say that Britain's
major cities have sadly failed
to respond to toe increasing
crime rate while toe policies
of toe main suppliers of safe
deposit systems, toe banks,
remain unchanged and restric-
tive.
Berkeley, like Rosengrens,
believes that sophisticated elec-
tronic security can enable safe
deposit systems to be installed
in the High Street.
Simpler
Mr Yates said that micro-
electronics incorporated into
safe deposit systems could make
them simpler to use but much
more secure. Using a small
computer, access to the safe
deposit vaults can be carefully
controlled and monitored.
Using Rosengren’s system
access to the vaults is gained
initially by inserting a magnetic
card coded with the customer’s
personal number into an elec-
tronic unit which verifies the
code and opens toe strong room
door.
‘ This information is also
relayed to toe central computer
which stores details about
customers’ use of boxes, and
payment of subscriptions to the
service.
Before toe customer can open
his safety box with a* conven-
tional key. the vault staff have
to release electronically a con
trol lock. If toe customer fails
to open the box within three
minutes, the control lock shuts
automatically.
Each safe deposit box is
monitored by the central com-
puter so that an alarm is raised
if a person tries to tamper with
a box for which he does not
have a key.
Rosengrens’ main market is
Scandinavia where it dominates
although 60 per cent of its pro-
duction is outside Sweden.
Apart from Scandinavia, impor-
tant countries are France. West
Germany, Ireland and the UK
where toe company has set up
subsidiaries.
The company faces competi-
tion from a number of organisa-
tions including John Tann and
Chubb in the UK, Fichet-
Bauchet in France, Pohl-
sc hr oder of West Gennany and
Hadak and VSrdeskydd in
Sweden.
Electronics
Dedicated
graphics
chip
A NEW and powerful
Japanese microprocessor drip
which makes possible high
performance computer dis-
plays at low cost has been
incorporated in a _ new UK
made graphics terminal.
The chip is the NEC uPD
7220 GDC. an intelligent
microprocessor peripheral
which takes over all the tads
needed to generate raster
displays and manage display
memory. It sits between toe
display memory and the
microprocessor bus.
The terminal is called Data-
graph. manufactured by Data-
path of Derby.
With another micro-
processor to run the terminal’s
operating software, the Data-
graph is a good example of the
•way manufacturers are adding
distributed computing power
inside devices by using several
microprocessors each dedi-
cated to a particular task.
The 7220. a dedicated
graphics drip* takes that
philosophy a farther step.
The Daiagraph provides
resolution of 1024 by 1024
pixels, 800 nanosecond per
pixel drawing speed (very
fast) and hardware zoom and
pan.
More about the chip on
0698 732221; more about the
termiizaJ from Datapath,
Friary Street, Derby.
JtdosCopco
Compressed AirTechnology.
Profit from
om- experience
Hemel Hempstead
(0442) 61201
Ron as a minicomputer
bureau service, CMC thinks it
suitable for pension fund
manag ement In smaller com-
panies, unions and local
authorities — for portfolios
worth £5m to £50m in capital
value. The monthly cost Is
about £2,500.
John Howlett will explain
more on 01-481.3881.
Computing
CMG sells
portfolio
manager
THE CITY branch of Com-
puter Management Group
(CMG). the computer bureaux
and services company, has
launched a fixed-cost, on-line
service for investment port-
folio management
According to CMG. it is
designed to give better fund
management, improve cash
management and give greater
investment scope for pension
funds, unit and investment
trusts and Insurance com-
pany Investments.
Metal finishing
IBftl and
Canning’s
bright
result
A CHROMIUM plating tech-
nique which developed oof of
research on computer
memories by IBM fs
now to fee marketed by
W. C anning , toe Birmiugham-
based materials group (see
this page, October 2. 1981).
IBM, which developed tbe
technique at Sts Hartley
Laboratory near Winchester,
has worked with Canning to
improve toe process for some
years.
It uses the environmentally
acceptable trivalent ■ state of
the metal for plating rather
than the toxic, unpleasant
hexavalent form.
There are now at least two
commercially available tech-
toques for chromium plating
using divalent rather than
hcxavalent metaL
- Albright and Wilson deve-
loped its Alecra 3 system in
1975, claimed to be " the first
fully commercial and produc-
tion proves t rival rat process
available to the electroplating
industry.**
Both Alecra 3 and toe IBM/
Canning technique use the
electrolyte at a much lower
temperature and in much
lower concentration than In
conventional chromium elec-
troplating. And the need to
dispose of spent chromic add
is eliminated.
Canning is on 1)21-236 8621;
Albright and Wilson on 021*
552 3333.
THE ARTS
V,. ;$■£ '
Hid
*?&'£» . V 'C-M- ko-
Bl5»a£®te
Architecture/Gillian Darley
The man with designs on Canberra
y m J -Y.W
AV?*; ■ ?V:
y,.V' ,, ‘i.'.w :v/
#3SS
?’■!' 4' '
The American Institute of
Architects recently awarded its
prestigious Gold Medal for 1982
to Roraaldo Giurgola, an archi-
tect bom and trained in Rome
but now a naturalised Ameri-
can. Amidst the New York
circus by which architectural
fashions are set, Giurgola is an
exception — quiet, unostentatious
and by all accounts little in-
terested in the politicking which
takes up so much time in those
quarters.
Partner in Mitchel/Giurgola
Architects (who have offices in
both Philadelphia and New
York) he is an academic as well
Model of Australia's new Parliament House
and the vertical are both made '
much of. In the latter case, a '
delicate steel frame flas-pole .
takes the place nf Griffin's ;
unfulfilled idea for a glass 1
pyramid, though the flag has .
always been Ihero. ’
Landscape and building? dis- •
place one another: grassy park- ,
land is wrapped over the «
Central Members Hall. The top
lit Senate and the House of \
Representatives, broken only :
by iheir central ucuH — the ,
principal source of natural j
light. The two houses (together
with their offices) lie to east :
and west nf the hilltop, which (
is buttressed bv semi-circular .
. ’
as a practitioner, holding the by an American, Walter Burley dearing quality' of their work MV eeps of wall (originally J
position of Ware Professor of Griffin. is that it exhibits and combines ^sisned to be ‘’lazed hut no
Architecture at the graduate Beanx-Arts concemion that a P rofound ^spect and acknow- hm ._. vr SO ). Tucked 'between i
school of Columbia University, ®*X4ed To the wntem- ^dgment of the past with a thl . - fin " made by these walls
New York. However, for the Ji a ” ^ Jie™to that "mSenrKl rru, - v crisp and °P»“ is!lc «cw j s r fie reception area (io the ;
next six years, the attentions g^^yVSlteL to be Ae WeS of * e fuluro -" north 1 and the prime minis-.'
of Giurgola s practice will be ^ cities of the future." Giurgola has argued per- tonal accimmuidaUon (to the j
,i° n A SS! Such a statement could be made suasively for a view of an archi- south).
Geoff Rhoe, Tony Hughes, Nell Schofield and Jad Capelja in Bruce Beres ford’s Puberty Blues
\
Cinema/Nigel Andrews
More tales of the Amazon
Thon^iK with confidence, fer Daniel Bum- tcctural fabric into which new
SSSSEJS ham had designed schemes for buildings can be inserted as
Chicago and San Francisco pan of an organic whole; this
design the seat of Government a j ong suc h lines, whilst the is not the assertive face of
Canberra, -from a^stcllar field paw ing * for Canberra were in recent American architecture
of 329 entrants. This scheme. f ront 0 f Lord Hardinge when, but perhaps the readily explic-
posstbly the plum architectural in 1913< the flnal decision was able view of a Roman, hailing
commission of the decade, per- ta j. en on site for New Delhi, from the city where that inere-
fcctly illustrates the qualities The linear grids of the Modem mental process has reached its
which were cited id Giurgola s Movement were as yet un- best expression,
nomination for the Gold Medal, dreamed of. r .nh.™ ft**™..
is the reception area <io the j
north) and the prime minis-.'
tonal accommodation (to the j
south).
The plan is lucid: sym- t
metrical yet informal, with the
symbolic potential nf its func-
tion played for all it is worth. '■
Thus, tiie design was strongly }
influenced by the idea of
public access as the cmhodi- .
im-nt of democracy. This j
objective has had to be modi-
st expression. fled to some extent by the 1
The Canberra Scheme, now ,irut; ' 1 oxisendc* of fool-proof
In 19 <8. the Parliament House Therefore entrants to the 1968 on site, has taken clues from 5st ' tljr ‘p"-
Construction Authority was Parliament competition were various points. In terms of Griffin's plan was for a city ;
established to initiate steps presented with a site, a gap in landscape and orientation the covering 25 square miles. The
leading to a new legislative and th e jig-saw. and an overall axes provided by Mount Asnslie Parliament House complex is
administrative headquarters in aesthetic approach rooted in a and the existing Parliament ^tt.uni) square metres but )
Burden of Dreams (AA)
Paris Pullman.
36 Chowringhee Lane, Gate
Notting Hill from August 26.
Puberty Blues (AA), Cine-
centra, Studio, Oxford Street
and elsewhere.
^ Jlrss Sw? ssttsut .st «&»«. . -s- js *zesLz£t £*!>» ®shj»
sniffing picturesque catastrophe,
and got him to join the produc-
tion and record their
(mis) adventures.
<*ent ilifortune. opera old dear act — though she I ^ de Mitchell/Giurgola import to a statement made in j lse jf suggested possibilities — brook no delay or extension,
° + nine hich ri<sk<; what with ' and Thorp had won, from the The letter of nomination for . . - i, _ n j has led in she contract hetnc
rocking c^Jr and wistfS final shorr Iist of five - Can- Giurgola’s Gold Medal: referring $? th of . sunnounung it and Jnrm>1 n 0(] in a filshion which )
SStSS^SS 5S ^ hosoi- berra itself was the product of to ihe firm's successes in many digging n below. Thus the al i 0WS deraiicd design to follow
talitv-cSring young poet and 3nother architectural competi- architectural competitions, it horizontal (the complex is only several phases behind basic J
sentimental morie journeys tanty-caaging _ young poet ana ^ h , . . lfin . enntinuea: “A nartieularlv en- three storevs hieh at anv uoint) cnnsmicrion
where^ll the major twists of his pretty affianced leaven their tion, held in 1911 and also won continues: "A particularly en- three storeys high at any point) construction.
We witcS^ S P Iot are visib!e a mile Dr 50 ruthlessness wiUi a few stray
fST niavinp “Jtch The before they're reached, like a but shining slivers of real fond- _ . _ . ^ , .
Les Blank's Burden of ^—j-ssaWip w e watch the P' ot are visible a mile Dr so ruthlessness with :
Dreams, a wild and wonderful oiavine "catch the before they’re reached, like a hut shining slivers i
SUS . Tngvie '^ akl . Dg - iP .S? arrow” to while away time on road snaking ahead of one in a ness for the oldster
deepest Amazon, is Che that m seL We watch Kinski flnd picturesque valley.
Best of all. Miss Sen gets
FitzcarvMo should .have been. ciaudlr Cardinale ' We know that the elderly astonjahing niileagc out of that
It s the making of that eccentric stum j,i ing and cursing over im- Anglo-Indian spinster school- usually terminal movie trope.
Peruvian epic that Blanks possible footholds as they film mistress (Jennifer Kendal) with the stop-th e-story montage of
feature length documentary is waterlogged! ahanty town the cat. the flat and the kindly varied impressionist scenes that
about. He sleuths after German jnnitns singsong voice will be horn- unfold while a song burbles on
director Werner Herzog as Herr ’ .... ... swoggled bv the loveable young the soundtrack. Here bilent
swoggled by the loveable young the soundtrack. Here “Sijent ing p renc h son g f rom the ar e young, fresh, decidedly innoi
South Bank Summer Music
David Murray
We began last night in the estimable Graham Johnson pre- conducted by Simon Rattle with secured a performance of irres-
Purceli Room with another help- siding at the piano. Both voices the London Sinfanictta. Despite isiibie verve and a full Ravel-
ins of French <nnr from rh<» are young, fresh, decidedly innoi that alert support, it took all ltan measure of tenderness.
H wades through steaming We see Herzog m full mystic CQl] f^ (Debashree Roy^ and Night” accompanies an oddly soncmakcrs’ Almanac all on cenL Charming in the songs Elisabeth Saderstrbm’s consider- Maria Ewing was a fetchingly |
rivers and snake-strewn junffles on the jungle banks, with Dhriti Chatteriee) who haunting scenic medley of mid- ver^ine words this time which that suited 'hem best (one able resources to keep Poulenc's delinquent Child. Nan Christie j
with a cast of hundreds (mostly his staring eyes- and Sibylline fnensdhip in order to use Di ? ht cit y lif e. and “Yellow meant Debussv and Fa tire var wo , ulti have liked more early confection alive: the "staging" an eloquent Princess and an
Indians), a murmuring. and all sibilants t The Dream is right rooins as P a daytime nook Polka-Dot Bikini" — one of the excellence There was also the Deb ussy for Miss Rozario). they exiled her with her telephone amusing Snfa (she made a good- ,
but mutinous crew, and a lead- up there on that branch,' he ? or Sn. (Shebein£ offat scratchy 78s in Miss Stoneh am *s c talut T^ Hah? »LT?e«rp were not the ideal interpreters and her chaise longue to a P bt- ish Fire, too. but not on the;
ing actor (Klaus Kinski) almost pointing to a distant and , mouldering record collection — exauise^' and a finp ChariP« for this ingenious programme, form behind the orchestra, same level/. Willard U’hire was !
as galvanically batty as Herzog i nnocuo us^ee rain E Jungle ■ yackers melodiously while the Knpfhiin vprsinn nf *• n nlenre The reaI iu leres t of paired- whence only one word in three splendidly solid both as Arm-
himself. The Teuton film-maker bough). We watch the steamer We know that the scales will characters gaUivant through 5, ® “mSn M»T?n??!Irt settings the tvo ma i° r coa) - of her excellent French could chair and as Tree. Three more i
spent three years nursing his groan mg and protesting its way from her eyes like a ton dayt i me Calcutta. The film’s are.laSvTruertn Verlaine than 5?i ers Iies P ot “ ^ sur f Ke be distinguished. Sheer gleam- comic roles were gleefully taken ,
crazed Amazonian project tn -up the misty hillside And we of bricks at -some crisis-point of n0V elettlsh story-route may be nphu^v renin'* a differences, but in the distinct ing finesse carried her through, by Philip Langridge » always |
fruition, and Burden of Dreams see Kinski fuming and cursing revelation. (And sure enough, predictable. But the movie plays hv rLrl^ RnM^ exprej»iv e veins they chose to but since the slight scenario musieianly. tool and Alfreds |
.. is to the bauJe-scarred result mi L he Jong hot days wear on as full-throttle wind ^ machines its own ^btie charismatic varia- nSLamrii fo IrtSS tap in Verlamej texts, and these couldn't be followed in detail. Hodgson-rjuitc unexpectedly,
- what - The Iliad was to the f‘7 0U can never escape this flap her front door to and fro tions of tempo, style and emo- '-SpS- VsurSi agre 5 able Performances were dramatic interest dwindled given her usual repertoire—
- Trojan Wars. — r* . . •f^ng.-stinldeg. -camp-).- - in- a -blue-rinse, storm, she - tion3l nuance . '- ".J too lightweight to explore them fast. The music — obsessively gave us a deliciously funny}
- «« Ji* . ^ TT nvtimtr f-Vtev cturc Ir, nemr MailClOllDC lO IDS IT Wltil -fflT* Tlin r-Hrftf nloocnrfrc tirnrj J— - « ^ .
Statutory Hahn “ L’Hetire were not lbe ideaI interpreters and her chaise longue to a plat- ish Fire, loo. but not on the ;
exm.ire” and * fin* Thart? f ° T this ingenious programme, form behind the orchestra, same level/. Willard White was j
Koerhlin version of “ II nleure The reaI “iterest of paired- whence only one word in three splendidly solid both as Anar
lf£r . settings by the two major com- of her excellent French could chair and as Tree. Three more ,
“Sometimes I just wish to sit
in an easy chair, with a cup of
tea beside me.” says Herzog.
' Les Blank is a veteran US. counts the stairs to espy their * *
documentary-maker with a keen veechy kisses.) And we will Puberty Blues, directed by
'eye for off-kilter subjects: and wager many a zupee that when B ruee Beresford. looks at first
between bouts of glowing he struck up a movie association m f. couple at last get le^aUj like a ft ma i e p 0 rky's set in
' * lantern-faced mysticism ^zoken with Herzog in an earlier docu- * a “ generously dowered, S urf-side Sydney. But the film,
99HHA I straight to camera. - And the mentary, Werner Herzog Eats I ^ wlU . be “? e , 1 ° r a n ? ost it happily' transpires, hay the
sudden vision of' a well- His Shoe, wherein the Teuton that the old gel sees of them. dignity to treat its characters
upholstered f out cuil set down did just that before an Invited Yet as the road unravels, as human beings, not as wind-up
amid the jungle vines is such audience to fulfil an eccentric writer-director Apama Sen (a caricatures set purring across
a quintessential- Herzog coup oromlse. But Blank is unlikely former top Bengali screen star) - the nursery floor of slapstick
'• d’oeil one's surprised if isn't in to do anything grander or more throws in enough sweet-and- nostalgia. Two girls (Nell
Fitzcarraldo. Burden of Dreams . pungentiy batty ‘than Burden of sudden views from the car win- Schofield and Jad Eapelja),
Is unforgettably funny, and no Dreams. It seismographs the flows to give the predetermined three boyfriends (Geoff Rhoe,
less unforgettably sad, as it ground-shaking collision that itinerary much incidental charm. Tony Hughes, Jay Hackett) and
chronicles Herzog's fight to took place when the irresistible Jennifer Kendal, donning two- much sex, surfing and teenage
lArouuy*. we BUI i oim iraiu- miss Kozano's true, clear tone yond Poulenc's norm — senes
uon of the latter by Gabriel and Pike's fluent grace in songs the action too sedulously to
Dupont. The Songmakers get that trip lightly. stand on lts ovvn .
an alpha for research, gamma in the Elizabeth Hall we had L’Enfant et les sariiliacs
Maman. Rattle invited loo much
Sprcchstimmc during the rescue
which ought to be sung at
fr,p artuaTiv matHno lutian Piva ~ Z" — L’Enfant et les sortileges written pitch, 1*13 1 ft is chorus was
!L i C t ^ y maklIls Julian Plke two short operas, the Poulenc- made resounding amends. Bar excellent. One wanted even- body
J monodrama La Voir a fallible trombone in ihe Fox- iramporied at once to a ‘stage
Mr Pike and Patricia Rozano humame and the Ravel-Colette trot and too-human piccolo in production worthy of this
did all the singing, with the L’Enfant et les sortileges, both the magical garden scene. Rattle enchanting piece. *
|J>M ans
CiiiHiifl?
hri'^ !
harness the Amazon to his own
surreal vision.
Only he among living direc-
tors could have struggled on so
long as blows of fate rained
down upon him: the loss of his
leading actors midway through
filming (Jason Robards and
Mick Jagger), the attacks do his
camp by hostile Indians, the
boats run aground, the logistical
nightmare of realising bis
Sisyphus set-piece in which a
steamer is hauled over a moun-
tain between parallel rivers.
But not even Herzog could
struggle on and still produce
an unscathed masterpiece. Fifz-
ctrmzldo is a noble blit shat-
tered shipwreck of a film: its
wbat-couM-have-beens smashed
upon the rocks of what-was'.
Usually the filmgoer would beg
too late and in vain to have a
diary of such movie-vicissitudes
The Seasons/Albert Hall
Max Loppert
soul-searching. r
Some wouId rate Haydn ' s fte ^“don Classical Players Idea rather than a practical
movie is sculpted from^he raw final masterpiece as his under Roger Norringron. was in proposal for a full-scale Albert
plaster of do£n-under growing- ***** ^ l ”?* tflTS £ Hal1 readin e of The Seasons.
up. as the almost-formed men heard Uve. The reasons lie in a ‘“ ed v a M^ r ^‘ n Tn 8 .. 1 ' 01 “J There was. from the authentic
and women fight their way its length less tractable than ™. ie ^ e ' d ™ instruments (plus fortepiano
towards maturity: via rnanda- The Creation (which happy V n ™ b ers were continuo), much characterful
lory malarkyings with mari- rtance gives us at the Festival ^ J u' t th eTersion Havdn response to the inexhaustible
juana. love-making and the Hall tonight), and the fact “ adP f’ or F stert he ISlnw Pictorialism of Haydn's conccp-
horror of the first missed period, that it u based on a banal text. . r “ A reducS In scale tion — woodwind came through
Bruce Beresford isn’t, like though Haydn subsumes it so nf g f 5 ■ muc jV"duced it i scale colourfu] , yt brasg were Mirrins
compatriots Peter Weir or Fred completely into the fabric of - \ experiment took ‘the fora if seldom secure. Bui in the-
Schepisi, a director for lucent his musical thinking that in tiie 3 .J^hert HallProm moments of grandeur— ihe great
apocalyptic images. But as The event irritations hardly arise. IT ® sunnse, the outburst of summer
“-“uwii viaw.vaj jwjnjjata rauivr man a practical p 35 S 3 ge«
final masterpiece as his under Roger Norrington. was in proposal for a full-scale Albert With "a lack of the scalp- i
greatest: yet it is not often *. sense an experiment. It Hall reading of The Seasons, tinclin" immediacy that can
SsS
(jn-isijj-ut ji»asu. «uc. manner nf mmnrnmief u-,« SUnnse, the OUt hurst of MimillCr . *« -------
Gcf/i»if7 of Wisdom. The Party The oratorio is a repository of * .. JjJ"/ „^ n _ slorm — brilliance of timbre raU,er lhan rob ust. The
and Breaker Moran t showed, all the composer's most bene- were in cmfJLt J£n w-hich is no less a pan of evening was by no means a
working at the humble stove ficent wisdom, musical and f w7 e ;f Haydn's compositional arnmurv, w ; as 'e "f time, and because
of realism, he can stir believ- spiritual, learnt across a long -t,, .« \n«n«t r ■ ™r was missed (at least, bv a Nornnqion's direction found an
able characters into toughly life; knowing it means knowing *:°„- neany 10 vienna P r °P° r ’ listener in a side stalls scat). e;,se 0Ver ,on ” spans that often
bass cleverly manipulated
rather than truly robust. The
evening was by no means a
working at ihe humble stove
of realism, he can stir believ-
able characters into toughly
flavoursome settings. And here
Les Blank, photographer and director o£ Burden of
Dreams
Misses Schofield and Capelja but something of essential
and the rest give him fine value in Western civilisation,
flesh-and-blood performances (0 Wednesday’s Prom perform-
work on. ance, by the Scftutz Choir and
not just the essence of Haydn. and in the hullabaloo of hunt eludes him in the opera house,
but something of essential The result was often interest- and wine celebration, the chorus it passed pleasurably. But there i
value in Western civilisation. ing and enjoyable in detail, seemed regularly to disappear >s a lot more, in every sense, to
Wednesday’s Prom perform- rather disappointing in sum; it beneath the barrage of sound — The Seasons than . we heard on
ance, by the Scftutz Choir and left the impression of a Bright the last thing one wants in such this occasion.
The Seasons than . we heard on
this occasion.
_ a -_£ ' COLISEUM. S 836 3161. CC 240 5258.
THFATIrES - ENGLISH national ofma. Tph 'b. w» d
I nut I It r < 78 7.30 THC MAKROPULOS CASE. Tomor.
^ T un 7.00 CARMEN. Ttiur 7.30 THE
BARBER OF SEVILLE. Soma MM* av«ll
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UINN CHILDREN OF A LESSER GOO. 6 Q 6 T . Mdn-Frl 8 - 00 . Sat 8.15. Man
LAY OF THE YEAR SWET 1981. Tllur 2 . Sat S.15. Price E2-5Q-L7.00
ELIZABETH QUINN ACTRESS OF THE <nOT aultable for children). STEAMING
YEAR In a new play SWET 1981. bv NELL DUNN. Pre-show nimr «
• Cafe Rovaf mu* start seat onfv £9S0. j
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17. EVGS 7 JO. MATS WED 2J0. SATS 'yio 6565 Grp ^ Ruction 836 i 3962.
5.0 A UM. Openlns JjaKdav , 5ept2B ^ D s n w Tlmr?30 Frl4 Sat sioj
«70 THE NEW MUSICAL. TOM g 45 over 400 afriormincfi. DARIO
egURTENA Y. A LAN PRICE I n AN D Y PoS COMEDY CANT PAV7 WONT
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book Inal 01-839 2751.
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CROSS ROAD with Doraen Mantle. 1 Covent ijdn. S CC Bkg Info 01-836 1071/
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NUDD, CHRISTOPHER TIMOTHY In on We o
UNDERNEATH THE ARCHES. The smash Peter W<
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& Sat 5.1 S & 8.30. SPECIAL RATE £4
ANY TICKET, children. OAPs. students.
Mon-Thor & Frl 5.1S. WHITEHAI
LYRIC HAMMERSMITH. S CC 01-741 """
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3 Ir acted by Wiillam
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379 6565 Grp reduction 836 3962.
Mon to Thar 7.30. Frl & Sat 64)0 a.
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WHITEHALL. 939 6975-6976 and 830
6691-7768 ROBERT POWELL as Phhlln
Marlowe LEE MONTAGUE as Raymond
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THE 1 ' BUSINESS *OF tt m'urder^'sECOND ORCHARD. Dir. by Mike Alfred. Eys a.OO
GREAT YEAR. This Sunday at 7.30 CHIJRA SUNDA-
RAM Classical Dance ol India.
CROSS ROAD
ROPnN Stamen*.
379 6365. £>9S 7JS0. Mat Sat» 2-0 aharp
HAMLET with Anion Letter. DHL BY
JONATHAN MILLER.
APOLLO. Shaftesbury Ave, « 01-437 Jonathan miller.
aasw^TWtff D u KE JgFWpi
GOA 8.30. ALAN AYCKBOURN'S new 9837. Group sales 379 6061. Frl 6 8 .
comedy SIASON‘5 GREETINGS. 9.15. Sat 5.13 A 8.30. Final pertston-t.
APOLLO .VICTORIA, Ippp VKtor'* Srn. 1 .
MUST . END SEPTEMBER 18. .™.E
; SOUND OF MUSIC. PE71JLA CLARK..
Even 7.30. Mats Wed £■ Sat 2.30. Boa
Office 10 am-B wn. J’'J*OS2 l, 2SP? f 2 0 T t
plus SaE. HOTLINES! 01-828 8665-6-7. .
Credit cards: 01-834 6919 / 6184 . Tel#-.
data 01-200 02 M 24-hrs#i^lUf. Grouo
a I
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iSWIS
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... MAY 7 ONLTT ■
- BARBICAN. * 01-628 B79S. CC 0l‘-638
■ ■ 8891 (Mem-Sat 10 am-B pm. Sun 12-3Q-
tomor. Billy Connolly A Patrick ; Ryeart
In J. P". Donltavy'i new comedy BAL-
1 THAZAR. Complete Night Out Inc.
dinner . at Laguna SO Restaurant qpp.
-Theatre Tor £9.95. 636 0960- ■
GARRICK. CC 836 4601. EveaJI. Mat
NATIONAL THEATRE. S 928 2252.
OLIVIER (open stage): Ton't 7.1 5. Tomor
2.00 B. 7.1 S DANTON'S DEATH by
Buchner.
LYTTELTON (proscenium cta9e)r Ton't
7^5. Tomer 3.00 & 7.45 UNCLE
VANYA by Chekhov.
COTTESLOE (small auditorium — low price
tfctsj: Ton'L 7.30. Tomor 230 A 7.30
THE BEGGAR'S OPERA bv John Gav.
Excellent cheap seats ail z theatres and
STANDBY lit Olivieri Lyttelton from 10 am
an day. Car park. Restaurant 92B 2033.
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NT also at HER MAJESTY'S.
Allan Davis. Grouo Ml« Bo* ©Bee 379
6061. Credit card bookings 930 -9232.
GLOBE ’ THEATRE.
'Hotline '9379232. (Sputes NOW BOOKING TILL JULY 1983.
Evas Mon-Frl 8 . 0 . Weds mat 3.0, 5ais — —
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DESIGN FOR LIVING with ROLAND , a MIDSUMMER NIGHT'S DREAM
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Llovd- Webbor-T . S. Eliot Award Winning
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10 im-S 30 Dm (Mon-Frli. 82-83 season
opens with DER RING DE5 NIBELUN-
GEN. First nerl Mon Scot 6 . Personal
booking now open.
SADLER'S WELLS THEATRE EC 1 . Until
August 28 SUMMER ARTS FESTIVAL—
London's Festival ol Community A Ethn.:
Arts. Tel. 01-278 8916 i5 llnesi for
programme details Free dav-ilme events
In & around the iheatre. Different even-
ing programme every niohl. Ton't 7.30
Black dance. — Fioion. Corinne Bogaard.
Dance Company Seven. Ekomo. Maasal.
All ms £1 at lhe door.
3 rd dance subscription now Open. PlnD .
01-278 0BS5 ■ 24 hrii lor brochure.
YOUNG VIC I Waterloo > . 928 6363. Eves
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CLASSIFIED
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RATES
BARBICAN HAU. Barbican Centre EC2.
CC ■ 01 -638 . 8891. Res 01-628 S7BS.
■ Tomor ILOO pm Orgaoa on
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preenls A Gala Sunday series or Gilbert ’
and Sullivan (Concert Performance). ..
MICHAEL BLAkEMORE.
PALACE. CC 01-437 SB34. CC Hotline ,r MARTIN'S. CC 836 1443. Ev« 8 ,
437 8327- Andrew Unyd-Webber’s MN& Mat 2 45. Saturdays SAB.
A NO *>* NCt Starring Gemma Craven A a oat ha Christie'* THE M
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demand now boo f. In a to Jan, 1983.
Eve* 8.0. Fn & Sat 5 AS & 8.30. Some
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MARTI WEBB RETURNS FROM
HOLIDAY SEPT. 13.
P*r
Single
column
litis
cm
C
f
Cr-mrafircifl! & Industrial
Property
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27.50
RefidfirtiBl PropBrty
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Appointmenis
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Warned
8.50
29.00
Parsunal
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20 00
Motor Cara
6.00
20.00
Hoiole & Travel
600
20.00
Contracts & Tendor*
8.00
27.5o
Book Publishers
— n»t 12.00
SHAW. 01-388 1 594. National Youth
Theatre in Peter Tenon's Epic Farce
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Evas 7.30. Ltd Season. End* Sat 2A Aug.
66C6-7-; Credit
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iraun sale*. 3*9 6061. Eves 7.38. Sat
J." THE NATIONAL 'THEATRE'S
MULTI- AWARD ..WINNING INTER-
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-ard HorliiMd 930 9
sale*. 37 9 . 60S1
R«Y N4iL .n A% 4 D S E H 6S IT by ^5
CHICHUTER FUT1VAL THEATRE., 024 3 ,o,c"T.«v _ 7
781312. Season spoosorotf bv Martini- KINGS HEAD: 226 19J6- Last 2 pertt
a Rossi lm. Goodbye mr chips Ton't
TJO.
Ton't & -Tomor. Dnr 7. Show 5.0.
MARIKA'S CAFE THEATRE,
5B6-’ VAUDEVILLE. CC 01-836 9988. 01-930
ijj 9232 18 lines* MOIRA LISTER PATRICK
&YAL CARGILL. BARBARA MURRAY. GLYN
WIN. HOUSTON. KEY FOR TWO. A new
RITA iomedy H John Chioman and Due
Freeman. Preview* Sept 6 4 7. Opens
Sept. 8.
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Llovd- Webber's EVITA. Dir. by Hal VAUDEVILLE. CC 01-8j6 998BjEvw 8.
Prince. Eves 8-0. Low wire mats, i WrP ma^p 2 4S. Sail S & 8 GORDON
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S B* Office 437 6877. CC Hotline 439 CARDS ON TOE TABLE.
499. Grp Mica 379 6061 or B-O ■*«. t°,“S ltl ?C, l nc NINE M0N HS
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Prom i urn positions available
(Minimum *!*■ 30 column cm*)
£6.00 per single column cm extra
For iuithdr derails write to:
Classifietf Advertisement
Manager
Financial Times
10, Cannon Street, EC4P 4BY
F.T. CROSSWORD
PUZZLE No. 4,953
ACROSS
1 Block request for certain
material 16)
4 Map's first creator, perhaps
<S)
10 Good thinking on the side!
(7)
11 Temporary resting-place
(4-3)
12 He’s a fool to talk at length
(4)
13 Six hours in which to pay
the rent? i7-3)
15 The god’s an unknown part
in body t6)
15 A small bit of poem pene-
trates the silence (7)
20 Tips rising. becomes
brighter (5, 2)
21 Commotion— the pro's in
difficulties (6)
24 Brown Army horse or its
equivalent (10)
26 Earthy resolution (4)
28 Beam, as in better condition
(7)
29 Cable-winder? Dismiss one
about ship’s stern (7)
30 Summer abroad? Try Jn
exchanges. forages! (S)
31 H not cloudy, bead can’t be
seen (6)
DOWN
1 A good boss will get Eastern
deal orders (8)
2 We hear small man under-
ground is a good time-
keeper (9)
3 Nimble agent’s got right
inside (4)
5 Foreign food taken slowly?
(8)
6 One of "The Rivals" (10)
7 First appearance, turning .
SPiS 1 ' Try JO 8 Eff *« of <*>
exchanges, forages! (8) 9 Book of stamps a pound?
If not cloudy, bead can’t be Sign of hesitancy (5)
seen (6) 14 Game support for thigh
DOWN when cured (10)
A good boss will get Eastern 17 Lady with the Lamp? (9)
We hear small man under- S l -o? r and cart * n
ground is a good time- collision (8)
keeper (9) 19 Soak hangs about, puts on
Nimble agent’s got right act (8)
inside (4) 22 Epstein’s work seen still?
Foreign food taken slowly? ( g.
(8)
One of "The Rivals" (10) zz Small cut taken by keeper?
First appearance, turning . ( 5 >
up, having missed the bus? 25 One in centre of Church
(5) could be unworldly i5)
27 The trip to draw out (4)
Solution to Puzzle No 4.952
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Financial Tftnes Friday August 20 1982
FINANCIAL TIMES
MEXICO’S CRISIS
BRACKEN HOUSE,: CANNON STREET; LONDON EC4P 4BY
Telegrams; Finantimo, London PS4.Telex: 8954S7T
Telephone: 01-2488000
A colossal mountain of debt
Friday August 20 19S2
Banks return
By Alan Friedman in Mexico City " : ;
jDHiiKs muni
come within & hair's
to . -g breadth of bankruptcy.
AO'Hl'Il Faced with a crippling public
ft - * >*ft I I II and private sector foreign debt
burden of more than $80bn —
and an accelerating outflow of
Without doubt the meeting waited for a banking disaster currency om’ the l^s t
in New York today between to develop but are already step* wldn^criav that ir
Mexico and its international ping in as lender of last resort
bankers is the most crucial re- to l!he country. .A substantial J; ;i - interna riorfii
negotiation of debt since the official loan is being arranged ret lls in,enjaD °naI
banking system began, a decade in the forum of the Bank for 00 i Z®. 10 j . . .
ago. to dominate the flows of International Settlements — an admission. . 1116
balance-Df-payment finance extremely uuusual gesture world S fifth largest oil producer
between notions. towards * a non-sborebolder. largest economy, sent
Banks which accounted for $2bn in U.S. Government credits a chill through the imer-
$60bn of Mexico's external debt to Mexico nave already been national financial community
at the end of 19SI will announced. *" ar more - serious than any of
reportedly be asked to delay toe .world's other recent
for one year substantial repay- Renrieve financial shocks,
ments on public debt, due to “ Put simply, the potential
them over the next 12 months. The IMF has moved fast as impact of Mexico's crisis is
It is vital that they agree. It is well. — at least at a staff level, greater than the collapse of the
the maturity and not the back- The Fund is still not equipped Penn Square Bank and Drysdale
ing of Mexico’s debt which is to fill the role of another Securities in the U.S., the affair
the problem and the scale of “lender of last resort" which of Banco Ambrosian© in Italy
Mexico's liquidity crisis is such some have urged upon it. It and the problems of AEG-
that it can make major inter- will take at least, six weeks lu Telefunken in West Germany
national banks insolvent should formalise an IMF three-year pro- combined,
it lead to deFault. or to repudia- gramme for Mexico and the The reason is to be found In
tion. initial oavnient is unlikelt to be the scale of the Droblem. Here
ULSLS Baton.
EXTERNAL PUBLIC
SECTOR DEBT
(CiGh/du P>»*M S«M Dab:,
waeasl totoiaJ 5a53J*on
mm
1975 1976
•OWTMC mm
1980 1981
MNUaL PdtCEMUOEOtANCe
Mcrieae Rho^S ,
far more, serious than any of
the -world’s other recent
financial shocks.
Put simply, the potential
INFLATION
ih = MEXICAN PESO
' p* w a. DOOM
r ri *oev*UJKnoN
Ccn«umar Price Index
The reason is to be found in
Crisis
initial payment is unlikelj- to be the scale of the problem. Here
more than about 8700m aug« is a nation with 300 foreign
JOSG LOPEZ PORTILLO
ambitious strategy
• j V
;
Li
4
3
f iettercm*
* ii— r ‘' r m
1982
MIGUEL BE LA MADRID
among the doubters
amanged and toes* are now fall- 1
ing doe/ - • i."- -■
Rocketing prices ia Mexico
early this year led !o a crisis
of hcmSSmce and a massive out* .
■flow of dollars, In February the '
jw^wasdevalaadliysnore than ■
30per cent from ifs level of 26
pesos to the dollar. An April
austerity programme -failed to \
holster confidence and by last i
month toe. peso had depreciated
by 45 percent since January to
nearly SO? pesos to- the dollar.
Meanwhile the -Government was '
finding it increasingly difficult ;
to tap. the international capital 1
market. ' •
The July price rises to tor- ,
tillas. and other staples led to .
another, confidence crisis and i
foreign currency raced nut of '
Mexico, ttexico was running out (
of the dollars it needed to ser-
vice its '.foreign debt — a re- •
quirement of around Slbh per
month for public' sector debt
alone. ... f ■
Three weeks arm -todav a two-
tier exchange system was Intro-
duced. causing 3 35 per cent .-
devaluation in the floating peso- |
dollar rate, to ..more than 70 '
pesos tn the dollar. A Govern-
ment-subsidised preferential
Success at the meeting will
also help to avert the other
payments on foreign dotos. This
would be transmuted into a tn nnv remaining ideas that the to try to resolve the crisis
crisis of confidence over banks recycling of the oil surpluses through a series of measures
and that the flow or deposits to achieved by the banking system which include an approach to
certain ins. 1 i tut ions would con- was an unsullied acr of econo- the International Monetary
tract dramatically. raic virtue. Indiscriminate bank Fund (IMF), the U.S. Govem-
A no* inn which has come tn first time this had been done led to unprecedented Mexican
year record of political sraomry- principal at too floating rate,
an oil-led growth economy and When one week ago. the Mejri- 1
n n onthiteioctin t s-itH j I
tract dramatically.
is ,r SS I ^ fiMtafira •xsrj&Sbl = 1 225 , 'sr uur on ” SSSSSSL STLJStrz? I^VSS’^SS S 5
1974 the central banks
to their preparedness
threat: V the Governors
banks alluded appropriate flows of finance— Western Europe and Japan for of 70m. more to an -W per cent of government debt. ^ officials that too much too soon approach!
■dness for this whether official, or via the issue emergency cash. Mexico's com- whom do not have full time em- J^efigures teH the storj . the generation of . .“J could -be dangerous, the Lopez Sr Maj
-emors had an of securities or through direct merciai. . creditor banks it ploymenr. face rising unemploy- wnual o«wth rate limped pratlnc bonofJe^h»r took oS. Portillo expansion roared ahead, back, w*
approaching Insolvency.
Sr Mancera of the central
back, who had published a
UVNCIUU1S U<tU d II Ml 3CLUI U1 LUIUU^U UUCUt . ... . .. . _ i-, J f ft—— -» An. X'OrLUID CJLUtU IblUil XTOireU ctiieaU. vatl** W4IV lieu lAMMliauriA a
exchange of views on the prob- inveoi raent— and suspended re- would appear, will have little ment according to Sr Silva don* m 19 '* 4 “ },»? Sr Migual de la Madrid, the pamphlet in April attacking the
lera of lender of last resort in ality both for oil suppliers and I choice but to agree to the Herzog.
the euro-markets. They recog- for oil buyers,
nised that it would hot be prac- Mexico was
tical to lay down in advance n f rh* ni..^nn
for oil buyers. counay’s request that they re- Mexico’s inflation rate, which
Mexico was V nrime examnle schedule the $S0bn of debt, galloped from 28.7 per cejn in
of the m Jon ttauSK SSU. y e .u l ! * nl
percent. But Sr Lopez Portillo reserves topped toe TObn^arre! PreridSTwho rf
takes office on December 1, is said the multi-tier system now
detailed rules and procedures The transient magic of oil was be fierce ^suments about toe by the middle of this year as a
. . _ ■ J l«V 41 OklOiCd I ULPkll. VI Ull WOJ r tn „, Llf
for the proxision of temporary such ^ b(V , h and , )or . tenns
result of soaring wages and a
liquidity. Blit they were satis- mwer were Will arran^m** loans A measure OI now seriously vurnruiry. is now tunning
fled that means will be avail- W hen 49 per cent of its Sfiflbn ’th* world's -financial authorities at an annual pace of nearly 90
able for tfiat purpose and will banJc debt was repayable within are ^king the Mexican crisis per cent
A measure of how seriously falling currency, is now running
be used if and when necessary." one year.
In the absolute sense. of lend-
er of last resort, whereby cen- Deluded
tral banks staunch a haemorr-
was the on-the-record statement As one western diplomat put
by an official of the Swiss it yesterday: “ The potential for
National Bank on Wednesday unrest is very serious. I am
that aid to the country was not sure how it will manifest
haging of deposits from The The central banks now have underway “to ensure continued itself. I look out of my window
banking system, these “ means " have the delicate task of bring- smooth functioning of the inter- and the streets of Mexico Chy
have yet to be tested. But ing the' deluded international national financing system.” This are calm, but the potential is
moves in the spirit of the de- banking system gently . back was 110 over statement. Until there.
claration have became steadily down to earth. They must pre- toe crisis Mexico was commit- Sr Mignei Mancera. the
more apparent in recent months, serve confidence in the system in toeoty to borrowing more president of Mexico's Central
Central banks carried out an wi ihout-ccea ting the impression }. 11,311 $25bn for the year
Bank is fairly confident that
early preemptive strike in that official bail-outs are a fore . J a
funding Hungary in order to gone conclusion: toe re- now being arranged — totalling is some danger ot unrest N*
nip in the bud any tendency emergence of fear, of sense of a potential S8.4bn — will only one will be happy. But I am an
for banks to extrapolate the risk, of a feeling that Govern- prove sufficient if Mexico and optimist. I think that when
Polish debt crisis into a general ments cannot always provide is its commercial bank creditors people realise what is going on
But even the cash lifeboats unrest can be avoided. " There
Comecon crisis. a prime reason why interest succeed in negotiating an they will co-operate. They
In' toe case of Mexico, too. rates may now be declining to appropriate debt rescheduling don’t want collective suicide."
the central banks have not bearable levels. agreement. These talks begin. How did Mexico arrive at this
today, when Sr Jesus Silva state of affairs ? The answer to
Herzog, the Finance Minister, this question is a cautionary
f~m 1 1 meets senior bank represents- tale of colossal proportion. It
I liMfV rv tlves in New York to outline is a lesson which the world is
I ft. M I I ft I V III Mexico’s needs. . having to learn the hard way—
A W1V And even If this debt and not only in Mexico.
. .rescheduling goes smoothly — a Leaders of public opinion here
~v "■ 1*1’ daunting proposition given the in Mexico often refer to " the
I nd\ I Q y/’X Im mZ ' shpl?r Toasties of the exerrise — six-year cycle.'' This Is the
» IL 4X I til I IV ' . Mexico could face the prospect economic bell curve which has
bf social or labour unrest as a characterised the recent six-year
... result of the stringent domestic terms of office of Mexican Presl-
The removal of exchange con- that exchange controls no measures it mav be compelled dents. In 1976. for example,
trols has never been utterly longer exist. The dividing line to take. Among the more President Jose Lopez Portilla
Tackling the
Delaware link
said by some in Mexico to have in place "has all the operational i
been among the doubters, problems I described in my >
Whether this is true or not Sr booklet ... On the other hand, ;
de la Madrid seems to have it has some virtues.** he added.
.1 Rut nnur Vavim mttw hnno I
escaped blame for the current Bur now Mexico must hope J
crisis even though be served that its commercial bank cre-
ss Minister of Planning and the ditors will agree that Uie crisis
- - is a short-term matter. Mexican
Budget.
Mexico borrowed enormously officials Mint out that toe Tnhri t
on the back of its oil boom. 5_ arre,s of . 0,1 a J e ^ to there and .
Between l979 and l^ its pu^ be »
jjfli J!? 0 " SSPd-SSS S - Sr Mancera is confident that
around £60bn. Last year alone banks 'have^a '^V to-»res* T to
lie foreign debt by Slfibn. problems. For them toe worst f :
convincing as the sole explana- is virtually impossible to draw
tion for the surge of acqulsl- between, on' the. one hand, pure ]
tions by UK companies in toe artificial tax avoidance by sus-
Rush to buy copies of the Government’s foreign exchange
rules in Mexico City on Wednesday
But last July (1981), in the of all worlds is That Mexico faiis. •
words of Sr Silva Herzog: “The If the adjustment nrogramme is '
first dark clouds appeared on carried out with gTeat discipline ;
toe horizon.” A drop in the and if the international financial s
price of oil and the world mar- community is co-operative, then ;
ket glut created a buyer's rather the cash problem may be over- ;
than a seller's market. Mean- come in a few months.”
while, prices of key Mexican It is now up to toe bankers
export commodities such as who- so enthusiastically lent to 1
coffee, copper and silver also Mexico to acren to reschedule !
dropped. the debt. Mexico's short-term .
Despite im declining revenues, economic prospects are grim.
Mexico continued to borrow Most hopes for the future ■
heavily from foreign banks. It revolve about the accession to :
hoped last year that it could sus- power of Sr de la Madrid and :
tain growth and borrow its way the labours of the recently in- '
out of a $13bn eftrrent account stalled Sr Mancera and Sr Silva ’
deficit and a mushrooming bud- Herzog, both highly regarded
get deficit of more than S20bn men. Reflecting nn the past six j
which by this year represents 14 years, however. Sr Mancera .
per cent of the nation's gross made one final observation: “It j
domestic product (GDP), is very unwise to live much be- ,
Numerous short-term loans were yond your own means.**
U.S.- in recent years. Now it pect companies using a heady
appears that a tax loophole has mixture pf tax haveos ; trusts.
been a strong reinforcing commodity dealings and specific
factor. By using a dual resident tax breaks and. oo toe other.
holding company, a UK multi- the standard tax planning
national can group toe interest adopted by every self-respect in y
Men & Matters
payments on the debt against multinational.
taxable income twice, in the so toe Revenue has reacted
UK and in toe U.S. So even bv piannin" a root and branch Roilincr ieena reactor to toe city will have to They appealed for funds Fund. Views are exchanged
when U.S. interest rates were reform of toe whole system of IS5UU l, e j n on j er to keep the water yesterday to a counterpoint of and sometimes government
as high as 20 per cent and more, taxation where it ' touches The French have contrived a hot * Informed opinion is that it learned discussion about the officials drop by to take part,
the net cost of financing, jpven foreign operations. The core of remarkable test of interna- wll certainly have to be witoin surviving dues in Greek art The only unusual thing about
sufficient taxable profits on both the „ ew approach' is a test of tional public opinion on nuclear 25 kilometres of the city centre, and literature as to how a these unofficial gatherings, is
sides of toe Atlantic was less motivation— which companies energy. They are busy explor- trireme was actually rowed that none of the bankers wear .
than 1 per cent. regard with justifiable suspicion. i°g a scheme for • building a t _ (with three banks of oars It any clothes. |
ACTI
Jatter
xnont
fiefiec
feces:
prote
perfo
outsit
. Thi
achie
grout
t rtces
3’tiduc
•fa Hid
'em mi
ffipatit
phee
niore-
'dlrecl
Outlawed
since until a sufficient body of I civil reactor just outside Paris. Honest brokers
Scotch Whisky
Sponsors of the Cutty SarkTall ShipsTtaces
mechanically complex They sit round on wooden
case law has built up the rest I The Gallic logic goes like this.
system), and how it was sailed benches puffing and grunting
ThP arrflnapmpnt— thP "TiAia will in practice be conducted The. proponents of nuclear The Ship and Boat Builders („ 0 accurate information of because the temperature is very
ware link * — mmlnit* ttfp at th e discretion of the. Revenue, power in the government and National Federation has pub- mast or sail sizes survives). hot. indeed. They are in the i
ware iint \ . . expioiis tne T lishpd its own version of the , ^ uimi of tho ■ TVfsria.Tsahpl ,
different definitions of residence Last s P r,I1 « multmaiionals French industry believe there JJJj® - “* ownversion^ the ^ actual building of. toe |® UT,a „ J/ 1 * Mana-Isabel
to UK and U .S law^ka reacted to toe proposals by is an export market for small °f Goods Act. amended for should pre sent less of a Sheraton Hotel, a popular after- (
similar wav the export leasing threatening to move their reactors— as small as 300 mega- boats. While it is being enjoyed challenge. Wooden boat-buiJd- work ^ or a number of
refinement' ’ciled toe “double 5." a ” ci * 1 operations offshore, watts electrical capacity com- m ttuaumfo I feel it is not ing techniques in toe Medlter- Mexi £0 Citys flnmdjjl corn-
dip," exploited different inter- That threat was partly respon- pared with reactors of 900 mega- intended to arcutate among a ranean are thought to be t
^relations of asset ovraershin sib,e for the Chancellor with- watts and 1,300 megawatts wider audience that could in- basically similar ' to those of ? ne hanker told me the sauna
preiauoris oi asser ownersrup. j_ ou ,: Tiri j r oft piaficoc in kai nn v.,ii». a i,a. elude boat buvers: — n nr ,n __ a ° is sometimes known as The
Aga(a.”fhe 'doubfe L dljT aUe wed drawing the draft pauses, in currently beiig ' MlTte elude boat buyers :- 2,M0 years ISa Jf sometimes known as “The
rompanies to enjoy two sets of order { ?, guve lr ch i Rev ?9 u . e tLme where in France. Compact Cabin-cramped Greece seems the obvious ^ ankers sweatshop.
tax allowances for one set of t0 consider all- toe criticisms. But _ they say that other quarters. place to build, and the National .. ■■ - - .
expenditure. The deuble dip The first working papers the c0l f ntri ’ es will not fake them Sporty — taped-on racing strip. Maritime Museum of Greece at , , ,
was curtailed in the last Budget, outside world has caught sight seriously unless the reactor that Frisky— uncontrollable, Piraeus is happy to keep a tTTOrt rGW3FQGQ [
Now that the Inland of saggest, if anything, that the they plan to sell can be seen Performance proven — worn out. benevolent eye on the project "'
Revenue has rumbled toe Dela- Revenue’s attitude has working in France. Immediate possession — nobody The trireme has been called Earlier this year all the
ware link, the likelihood is that, hardened. In particular, while Bv coincidence Paris has an wants it. the torpedo of its day. It was *JJPf “ rSHmai * til!
one way or another, it will be UK tax concessions are quite unusual district heating system De luxe interior— chrome-plated designed as an offensive weapon f
outlawed in toe next Finance acceptable, companies would which runs at higber-toan- bilge pumps. ' to ram, hole, and sink other '■J
Bill. In economic terms there run toe risk of being penalised normal temperatures and pres- Make offer— overpriced. warships at high speed i ires pec- i a i letter ^irom Andrew
is no reason to mourn its if they rook advantage of surcs. So the scheme proposes Must sell quickiy— both (bilge) hve of whether there was wind UlLTne oi rector general. My. j
Effort rewarded
The trireme has been called Earlier this year all the
the torpedo of its day. It was inspectors in the National
whole
toreii
Rut t
vear i
19S2
ably
Minis
Is wo
doubt
adopt
Si A i
FSann
ijangi
'The
cHsis
stotei
fprei*
Bill. In economic terms there run the risk of being penalised normal temperatures and pres- Make offer — overpriced,
is no reason to mourn its if they rook advantage of surcs. So the scheme proposes Must sell quickly — -both (bilge)
passing It is not in the UK another country’s. This rep- that a nuclear reactor — once pumps working continuously.
Government’s interest to subsl- resents an excessively narrow light-heartedly referred to by Poor health forces sale-owner
dise corporate expansion in toe view of tax incentives in the a n American maker as “just sick of boating.
U.S. If anyone benefits it is toe reaJ world,
vendor of toe business, wh* ■
receives a higher price than he Reforms
otherwise would. ,
another way of boiling water ”—
should be the new source of
Paris's hot water.
Hard pull
or not. ing “Go and see the film Chariots
, . _ . of Fire: charge the admission to
r Wwn you have seen k you
?a°=:heri 0 hnrt Sf- ' d11 see {he connection With our
0 v era « re in®S,V taS of am Wde ta !hf Job “ mpal!!I1 -
verisimilitude. Professor Mor- Last week one of the inspectors ,
rison points out that the Greek came before an interviewing
oiuitwim- vwuju. Elsewhere the Revenue has The idea is being explored ri50n poinrs 0UT Tnat toe ijreex
The Revenue stumbled over concentrated on defending its jointly by the Comnfis^riate a AH that stands in toe way of a 2"®.® w « J row « d by well-
the Delaware Hnk as part of a position, rather than going J'Energie Aiomique and Elec- truly Corinthian project PJL d . n ^ r e “?. n ' ** ch of and^Sd
much wider exercise, its whole- back l0 square one consider- tridte de France, which is toe launched in London yesterday bad to provide his own oar and
sale attack on intentational tax ing whether another approach chief shareholder in CPCU, toe ^ some £350,000 capital and at .cushion. toQ^natmy. we^i^e seen
«n nirimea Tn fart Tl<»l3W3rP , ■ n £_ 1 w luet 170 wilrtnuar nimrnw l^nanorp OT r ire seven tunes.
.. ,*“7 — *17 , nilgai ruuse icso <miannni9ui. in nuuui umwi* uuutfiduj. — — ■ ». — ■ ; '■ ■■ ' ■■ ■ - r» m nlpfl^Pri tn rnnnrt h«» Pnt
link is the strongest piece of pracl i C e toe pure avoiders will The intenlion is that toe who must be willing to work . th t ™. pieasea 10 repon ne g01
evidence it uses to justify its find a Way rouncl . any new sys- reactor should be oC the pres- like galley slaves. Sweating if Ollt J
aim to tax upstream loans ^ em introduced, just as they surised water type, the kind the jif cash and crew are promised. ■ ■ — — — —
loans from foreign subsidiaries imanage to manipulate the CEGB hopes to build at Sizewell toe three enthusiasts to build a Bankers in Mexico City have
to UK parents— as if they were present one . so the Revenue and elsewhere in Britain. But Classical Greek trireme expect been holding some unusual and* HUStl mOney
dividends. But the Delaware mav f, e better off introducing the smaller French model would that their II Wt long vessel wiiJ mronnai meetings this week. . .. ,
link is a separate issue and piecemeal reforms to -improve use experience gained in build- be slicing through toe waters of The gatherings have taken place The following cryptic message
could be dealt with, probably the present legislation. At least ing both civil power reactors and the Aegean Sea by early 1984. ln toe early evening and they appears in Extel s report of
more effectively, through speci- this will not risk major inciden- nuclear submarine reactors. The Greek Trireme Project seem to be a quite regular Rentokil s interim results: The
fie legislation. »al upheavals in this sensitive The nuclear supporters -say has been launched by Professor ecpirrence at a location only security service nas not Uefl up
area. Meanwhile, on closing toe that a s a source of hot water John Morrison, formerly presi- “ un . ut *f , away * r -° m ! ^e Paseo to expecta ions and was sold on
suspicion Delaware link, (he Government their reactor would compare dent of Wo If son College. Cara- d L e la Heforma, the city's mam «*u June.
■ Qualify
without comproirdsa
However that may be. the should not be punitive. Those well in production costs with bridge, Frank Welsh, a director thoroughfare.
Delaware RnR — widely used by companies which have already imported coal which is the of Grind lay’s Bank and owner- A handful of senior' inter-
reputable UK multinationals— established favourable arrange- cheapest fuel now available to skipper of a Thames sailing national bankers sit discussing
Illustrates to a nicety the ments should not have their France. barg«» and John Coates, former Mexico's finances and matters
Revenue's difficulties in curbing income flows undermined at a The blg'question is how short chief naval architect at the such as debt rescheduling and
international tax avoidance now difficult time. the hot water pipes from the Ministry of Defence. the International Monetary
Did it lose market share to
Mlfi? Was it sold to the KGB?
We should be told.
Qfor*ataoiao >
Observer
t
V
Financial Times. Friday August 20 19S2
13
WEST GERMAN BANKRUPTCIES
- l
A wave of company failures
By Stewart Fleming and Kevin Done in Frankfort
A WAVE of corporate bank- tmdftr a West German legal pro-
ruptcies has been sweeping ceediag known as composition
through West Germany for the (Veigleich).. Tbe aim is to re-
past two years and is showing lieve its outside: debt burden
no signs of slackening. AEG- to gain financial leeway to
Telefunken's current desperate restructure loss-making opera-
attempt to fight off bankruptcy tions.
is only the biggest and most How much higher the credi-
painful example of corporate tors' losses might be if AEG
distress. were eventually to be forced
In the first half of this year lnlt > liquidation is. for the out-
tfae rate of corporate collapses si der * a number which cannot
was r unnin g some 40 per cent be calculated— some insiders
above the level of last year It is would say that they cannot cal-
widely predicted that br the culate it either, in part because
end of 19S2 more than 16,000 £ 0UI U “ e
companies will have applied for whlch “*'8®* ® wn providing
protection from their creditors hav ? been lia , fale 10 <*an§e from
or be in liquidation — nearly to week.
t^i~. =* v To the economic
twice as many as in 1980.
The economic repercussions of
this are profound. Last year,
according to Government
estimates. 300.000 workers lost
-- — damage
which corporate collapses are
wreaking In West Germany,
however, must he added not just
the monetary losses, but also
♦he Impact which company
ate confidence and investment
plans, and also, in conjunction
ruptcies alongside the insol-
vency of AEG strongly suggests,
however, that the flexibility of
German accounting has also
been used to generate earnings
which were more apparent than
real and not only to bury
profits from 1 greedy share-
holders. While most companies
have cautiously husbanded their
resources, a significant minority,
like AEG, allowed themselves
to be lulled into a false sense
of security. They failed to see
the risks they were running by
relying on borrowed funds to
build their empires even faster,
taking sales rather than profits
as the yardstick for success.
Lombard
Japan no
for the West
By Geoffrey Owen
company failures. It is feared
Sst^^ea^sTrS'Sae ^ge^rf^the? S?L5 **** influence detailed management corporate sector,
bankruptcy wave. wicn a wiae range or otner absorbed and all this over a decisions - , Tho n, m ri n d
The Bundesbank's figures
worrying, exposures, on tne n priori iqtqjii W hM ^ u^urea
TJe inability of so many resilience of the banking banks hav? hSn ■ As they look at the growing show, for example, that the
and small private system. g 2 mSu** * ^ nuIuber «* nwtfwl companies equity to toul assets ratios of
companies to weather what has The scale of the AEG losses ™ >- i--. 32111 32 the uncertain economic German corporate sector
on the surtace- seemed a rela- alone is having a material im- untifl.TP be ™ t0 climate ahead, bankers are in have fallen progressively from
lively mild albert prolonged, pact on the German banking no mood t0 - rast themselves in 30 per cent in 1065 to around
economic slowdown, has been, industry’s ability to expand its l p s i, SSS2! I ,/SS!S?J , H!ii has ** roIe of supporters of weak 20 P er cent today. In the con-
one of the major factors business and take risks. peen Improving substantially as comoanies. struction industry, a sector
accounting for the surge in un-
employment from jw
Im in November 1980
1 Sm tnrlav reieasen mem. dui wve-u taxing jne hopes 1 that the Bundesbank. «!«■»■*«? uui w ucip maintain _r- ' *—
d ‘ * the minimum known unsecured the German central bank/ will employment, German bankers » jjjjj FJJ
credit exposures. Dresdner quickly see. and use. an oonor- * r ? tn ’ in ^ t0 kee P w hat they pan,es entered
TJo»lr +>10 rnncrtfhiim lanrlor ie . think - TY13V fop tho vioKln Kite-
Heavy Josses must
be absorbed
Bankers and trade creditors
Bank, the consortium leader, is
facing a loss of DM 300m on its
unserured Joans of around
DM 500m. Deutsche Bank and
a protracted
HSSrnffi’ffi *<%$£? VUk'SS be the visible bit’, «"«le slovdov™ e, ter more
policy 827 of marginal companies alive by tban a decade during which their
r * * D 31 - - I « * - ^ OlTQimr hnninr ‘ nn
finding strong industrial part- already heavy dependence on
policy.
But the AEG exopnencp “““"S *uvu& xnaustriai parr- j
coupled wrth lendinero Poland ners for them - There have been i ebt had increased and
”.1 *“ pscl several examples of this > he,r j ?e5 1 f : fi P ancjn ff capacity had
t lSEr£ rt f t0 ” W«tdeut*eh* Landesbank and the East blac to countries SeveraJ exam P ies of this ** ir j 5e, 1 f ; fi ! wn
?f a fi bSOrb A hea TT would appear to he facing in Latin America and corn- a PP roach - the apparently sue* been declining,
inn m r A cfT- d ' losses of. around DM 200m each! panies like Interaational Ha™ eessful efforts to pull. the Dutch However, such global figures
tSl CommertbankandtiieHessische ^ster in toe U.S?is StrlbSt ™tP» S™ P Into the rescue need to be treated with care,
trade! f Landesbank. losses of DM 160m ing to a growing reluct ance by of Bauknecht’s “white goods" German companies have con-
JSiVftf Si I mL m and DM 150m respectively. German banks to take risks. operatrons. and to involve siderable freedom in drawing
thefirst ,fl S? Thwe bMed on m Because S toeir big share- Grundi 8- Robert Bosch and Man- uP-their accounts, and the best
velr Iw «w2,Jh «2SS uxmnVton that the company’s holdings £ SSusuS S nefrmann in Potentially profit- companies use it to build up
AEG^elef unken Self Assmn- 1111116 successfully. supervisory boards of major examBle * For example, Daimler-Benz,
ing the companv’s orecariouslv , SDI ?^ of tbe banks will have companies — manj- of toe share- Where no strong industrial the giant motor company, paid
balanced attempt to avoid alre ® d y prodded to a greater holdings were picked up in partner can be rustled up. or I>M 3bn in tax last year and
liquidation succeeds AEG's ]ess as^iost *ese rescue efforts during the 2030s vhere the banks see no chance declared net profits of only
domestic hankers and trade 1 ® sses . ~~ Deutsche Bank is —there is often a misconcep- of a speedy recovery for a com- DM 82Bm— a clear sign that at
creditors are looking at nrosnec- 1 t0 have . wntten lts , tion that German bankers see P*ny. then patience is thin. “We least in the eyes of the taxman
live losses of at least DM 2.6b n . AEG ex P°® 1,re * n P as t ye®” themselves as corporate doctors, have our own shareholders to it had buried in its accounts
t-* n i accounts. But it has to be Th** hanfepre thpmcftluae eobMAij fbinlr ahnivt ” famorl-nfl « knn«ui mmc n.-hinh mnlrl inct ac oacilr
The steady decline in capital
spending on equipment, down
3 per cent in real terms last
year and still falling, while
worrying for the future, is one
clear sign that companies are
viewing that future much more
cautiously.
Reliance on profits .
for equity capital
German business has become
increasingly aware of toe
challenges it faces in some areas
of technology and productivity.
It recognises, too, that improv-
ing its financial foundations is
vital in a country where virtu-
ally the only source of finance
is bank credit. The Bundesbank
has been putting great empha-
sis on the need to restore
corporate profitability, recog-
nising that much' more than in
the U.S. or the UK where there
are broad and healthy trade
markets, German companies
rely on their own profits to
generate equity capital
Further losses on the company's
pension funds, which will be
general, will add DM 1.6bn to
the bill.
/ - —7 »■— r*»— - -uwvbv*v» vuuiuris lU uwuuaiia
nas tn be The bankers themselves seemed think about” remarked a board snxns which could just as easily
icmemijcicu, lu«i. that banks to fall prey to their own myth member of one leading German have been declared as profits,
covered by German industry in ? ave 3:” j ?H ffer ® a heavHy when in 1979 they started the bank bluntly. ** We would force The company has over DM 4bn
Mnani iiriu tmic i ck« fTom tbeir decision in 1979 to ill-fated rescue of AEG by pour- them into liquidation, regardless of cash and liquid assets in a
«nrr irinnw intn tho f>nm n ^ ni. nf inhc " halani'D chant intal nf TVH *J/Vhn
bail AEG out. Then,
example, they pumped
Of jobs." “ balance sheet total of DM 20bn.
This attitude is not only a Siemens, with DM S.5bn in. cash
reflection of the bankers* need and liquid assets in a balance
for ing money into toe company.
s i<Hu.pcu in Today, many bankers regret
The AEG parent company is DM 930m of equity capital at this bold “private sector" solu- reflection of the bankers' need and liquid assets in a balance
seeking to write off up to M DM 150 a share — the shares Hon for AEG. not only because to limit their risks but also of sheet of DM 34bn, is another
per cent of its unsecured debts have been as low as DM 22 in of the losses it has brought, the bard judgments being made company renowned for con-
as part of its attempt to -reach recent: days. Loan losses of but also because it has demon- ahoutthe economic outlook and servative accounting,
a settlement with creditors DM 24ftm and interest losses of strated^ their limited ability to of the health of parts of the The rising tide of bank-
For almost two years now,
the German Government has
been blithely putting out eco-
nomic forecasts which have,
like the projections of some
AEG managers, proved hope-
lessly optimistic. It is still
clinging to 1983 economic fore-
casts which have been uni-
versally rejected as unrealistic,
because to revise them would
add to party political strife in
Bonn. What business wants
from Bonn today is a frank
recognition of the problems, a
breath of realism, and not the
sight of a Government desper-
ately struggling to hang on to
power, without apparently
knowing exactly what it wants
to do with it.
IF YOU mot a Japanese-stylc
industrial policy, toe first tiling
you need is a Japanese-style
economic bureaucracy. Staff it
with top graduates from the
most competitive universities.
Include some engineers and
technicians, but most of them
should be generalists who can
be trained in toe formulation
and implementation of public
policy. Go for degrees in law
and economics — but not for
professional lawyers or econo-
mists; managers, not profes-
sionals, are what you need.
Rotate- them frequently within
toe economic service, but re-
tire them early, no later than
35.
Then, give them a variety of
tools, formal and informal, for
intervening in industry. These
might include: control over im-
ports of technology, so that they
can choose which industries to
nurture and develop: the
ability to dispense preferential
financing, tax concessions and
temporary protection from
foreign competition; and the
power to authorise the forma-
tion of cartels to keep internal
competition under control.
A network of advisory com-
mittees and other links between
bureaucracy and private sector
is helpful. A handy device for
encouraging pubJic/private sec-
tor co-operation is what the
Japanese call "descent from
heaven." whereby retired
bureaucrats, stilt in their early
50s, take up senior management
posts in industry.
Finally— and this is where the
going gets difficult — find a way
simply a matter of creating
Department of Trade and Indu;
try, giving it new powers ani
hoping it will behave lik
Japan's Ministry of Intel
national Trade and Industry
t'MITI). The role of M1TI cai
only be understood as part o
a political and social system ii
which economic growth is seei
by the i\eople as a nations
priority. This is turn stems fron
Japan's fate development as ax
industrial power, ter lack ol
natural resources, large popular
tion and the constraints of the
balance of payments. The war
and post-war inflation, which
made all Japanese equally poor,
reinforced the consensus in sup-
port of economic goals and toe
willingness to work hard in
order to achieve them.
This does not. of course, mean
that Japan has nothing to teach
the West: but there are dan-
gers in picking one clement out
of the system and ascribing too
much importance to it. There
is, after all, a large number of
entrepreneurial Japanese com-
panies whose success in world
markets owes little if 'anything
to Mm. Perhaps • Japan's
greatest achievement is to
create an environment which
encourages a flexible response
to new economic challenges and
market opportunities. One key
ingredient in Japan's successful
adjustment to the oil shocks of
the 1970s has been her industrial
relations system: the flexibility
of wages— and ihc willingness
to accept a decline in real wages
in response to the rise in worid
energy prices — helps to explain
_ e . v energy prices — neips in explain
-Japan-, superior economic por-
from political interference. As
Chalmers Johnson points out in
a fascinating new book * Japan
is a "developmental" state in
which politicians reign and
bureaucrats rule. "The politi-
cians provide the space for
bureaucrats to rule by holding
off special interest claimants
who might deflect the state from
its main development priorities.
The bureaucrats in turn formu-
late priorities, draft and admin-
ister the laws needed to
implement the policies and
make mid-course adjustments as
problems arise/' The legislative
and judicial branches of gov-
ernment are largely restricted
to "safety valve" functions.
In short, an industrial policy
on the Japanese pattern is not
formance in the present reces-
sion.
Industrial policy is important,
too, not least in facilitating the
contraction of old industries and
the phasing-in of new ones.
MITI has perfected an array of
market-conforming methods of
intervention which act as a
stimulus to the private sector
and avoid the inefficiencies
usually associated with a power-
ful bureaucracy. Government
intervention serves tn accelerate
change, nor. as in most Western
countries, to slow it down.
•3/777 and the Japanese miracle
the growth of industrial policy
1925-1975, bit Chalmers Johnson.
Stanford University Press
S2S.50.
Letters to the Editor
Major UK companies are not exactly on their uppers u.s. certificate
From Dr A. Scotney. the cJearers led the Chancellor Tubes does not feature in the deposit market
Sir,— My exasperation with To .^ent another ad hoc top 100 at all. Sad though the the Senior Vice-President ,
the doom-mongers of toe 1“ windfall”) tax (Barclays}. plight of these companies may Citibank N A
economy has finally threatened Using toe most recent avail- be, they do nor exactly form Sir,— David Lascelles* August
to spoil my holiday, and I write atj le records for the last com- an overwhelming slice of cor- 9 story on “ Shake up for * the
to you in an attempt to inject Pl*te financial year of the porate Britain, and the fincts run ’ ” puzzles not just us but
some ranch-needed factual con- remaining seven companies, sis which I have listed should iliu- also toe major dealers in the
tent into the " opinions " and achieved record profits and the strate the danger of extra polat- U.S. bank certificate of deposit
“surveys” which have nil- seventh was ICI. Fifteen months from the particular to the (CD) market
min a ted in the Midland Bank a ?°> * commented on the run- general. We have talked to almost all
review which you summarised. n ’ n S so** which is this com - For companies outside this of the majors, including Salo-
on August 16. As the campaign pahy's bulk plastics division; sector, it is fairly clear that Brothers, Lehman
to pressurise the Chancellor has is n °t tile time to reopen good management is still pro- Brothers. Oppenheimer, Merrill
developed over the past two toat discussion except to men- during record profits: non- Lynch, First Boston, A. G.
weeks, an insidious base-line tion that the adverse effect on engineering firms in trouble Becker. Carroll McEntee McGin-
drift has occurred, replacing profits continues apace, and the should take an axe to the dead- ley. Morgan Stanley, Drexel
I , despair at the clapped-out state exchange of a polyethylene mill- wood in the boardroom, admini- Burnham and Discount Corpora-
of the heavy engineering sector stone for BF’s pvc albatross will ster a canle-prod to the somno- tion.
by a need to “lift, the UK nat hel P- Until shareholders lent MD. light a fire under the No-one recogoised the “tier-
economy out of its trough ” convince management of finance director who was telling ing " syndrome your story
_ . this, no improvement can be them three years ago that high described sn graphically. And
* ££ expected. gearing is a licence to print aonne. agreed with your conten-
JJJJ® “ v„ B e _ S ^ Tt m *y h* fortuitous, some money, tion that Citibank CDs are sell-
UKromSiiesba?^ oS market S in ^ * is ^ at Iower P rices “ d
^ S^desSndtog order^a a rosy picture. Very well, then; , fii^d ? ^couple^o/ weekfago'by Citibank CDs are regularly
1” » f £5 Start ■ BP us v eytend fhc fkt delude the chairman of Parker-KnoH, priced and sold to dealers wifli-
ct"n rrr aU , those companies . with a i can™* resist mentioning that in a 10 basis point spread from
v-hell. Marks JL Spencer, Kff, market capitalisation over. £1 bn. his company achieved record tbe published Federal Reserve
^ Beecham. BAT, Grand Met; we have to add Racal. GUS. profiSto l980 (£ 3 &S. Sd dealer rates. Any participant
Barclays and. Glaxo (£lJ2bn)- . piessey. Sajnsbury and NatWest highest in 19S1 (£3.n5m) and in tiie market knows this is
First let us dispose of BP - We therefore have another has increased its dividend to s lajj d ar d CEs of members
and Shell. These two companies' clearer, and, yes, you have new record levels every year of " nm" From July 1
have become so horrendously guessed;- record, record, record j a fh e three yean since Mrs through August 21, this -spread
profitable that the Government and record. Thatcher took office. I have awraged 8.8 basis points for
has had to invent a whole But what about the heavy heard of being on vour unners Citibank's ihree-month and 9.7
KnttnM* m. C fnvn* iw ATicrinoAwa* T7 ou/ 1 tqi*c /^IfM i , ii. i 1 e TiAmhi for itr eiv.ro nn+4i
battery of special taxes in order engineers; Hawkers. GKN. but really. . . J
to keep their figures on a Tubes, etc? We have to go
normal calculator display, to 29th - position to find the (Dr) Alan Scotney.
Earlier this year, toe equally highest placed (Hawkers); GKN 27. Hyndland Avenue,
unacceptably large profits of scrapes in second at 78th and Glasgow.
Lighting-up
time ’’
From Mrs Bf. "Rosenberg
Any other advantages? Yes,
spin-offe: . ' employment for
hundreds of people and firms.
(Mrs) M. Rosenborg.
27, Yew Tree Court,
Bridge Lane, XWll.
basis points for its six-month
CDs. We urge some digging by
your reporter and an attribut-
able comparison for other
members’ spreads.
As your piece noted, toe CDs
foreign-exchange of all the banks in “ toe run ”
are equally acceptable for
swell our
earnings.
One tenth of toe money lost delivery on future contracts.
q: -
Sir,— As the Government
seems unable to stem toe flood ;
of unemployment, it might con-
sider the time appropriate to Fncouraze new
assist enterprising people to ®
create jobs and activities— businesses
leading to both work and inde- .. . . .
pendewsft. From Mr A. Owensmith.
in toe de Lores n venture could The unemodonai parties who
have produced ten times as make such deliveries presum-
many jobs if invested in viable ably seek the best price when
ideas— preferably not what is they buy CDs for these quar-
commonly known as "high-tech- terly futures settlements. The
nology” as the world- at large numbers and amounts of each
lias become besotted with this M run " member’s CDs bought
and It Is inappropriate for em- for such deliveries published
ploying the unskilled. most recently by the Com-
In short it might be a good modity Futures Trading Corn-
idea to encourage the “produ- mission ihow that $2lm of
d*),.
May I toerefore aik your Sir.— Th e well-put rim of rers 0 f acorns" who receive no Citibank CDs were bought for
such deliveries, compared to an
average of $135m for each of
the other "run ” members. We
doubt your reporter could find
a stronger indication of the
comparatively higher prices
Citibank CDs have consistently
commanded.
Your belief toat toe alleged
“tiering" trend traces in part
in Citibank's case to a “ vora-
cious appetite for funds" like-
esteemed journal, to initiate an Messrs Hallway and Brookfield assistance of any kind,
activity by providing space concerning enterprise zones . - , nujQT , e „, tV ,
daily to publish imaginative (August 10) highlight what, for £
suggestions from the public, years, has been an inequitable Heath Road,
Perhaps I can " open toe bafl **: situation, endorsed by successive E P som ’ Surrey.
An enteroridng individual— Ggmnm to create favour- :
or flm for toat matter— should able conditions fornew ei^Ioy-
produce and sell electrically lit to such areas^Fi years, A meaningless
Srpry&iZSS euphemism .
as.«i«Utrs iv= SSS
companies without “ end-
visitor. for the doctor, for toe
ambulancemen, toe fire-engine.
toe midwife. • A must for traffic products the scandal (which
—for. toe delivery people— seen 11 is al1 lhc 51:68 er '-
by the passing car— above aU
on foaay days and nights. For
Sfr,— For how much longer wise runs into trouble when
must the press .allow mea-mres compared with the facts,
taken by toe unions to shelter ArcnrdinE to Fed reports for
behind toe words “industrial large New York weekly report-
I would exhort the powers- action"? Surely it is time to in? banks. Citibank's percentage
lhat-be to dangle carrots fn '
.. .. ...front replace this .meaningless euphe- of topir total CDs outstandittE
the local council— 4t can bring of product-dcsishers and toe like nism by " disruptive action,” has dropped from nearly 20 per
savins* in streetiighting and so that all companies— Lrrespec- which describes what is really cent in 1376-77 to around 10 per
relieve- traffic problems. How tive of their physical location — ■ intended. cent this year and last
can toe Government help?— by ..can produce the new product >1. B. Daniels. Michael A. Callen.
bringing in the apposite legisl* which alone wiU give them a 134 Bradshaw Road, Citibank N.A.,
tion! fair margin, plus exports to Bradshaw, Bolton. New York
The Ford
£50 Million Difference
We never stop investing
in your future. Consider
Series 10 advances
Ford research arid development programmes aren't
limited to the good times. Our efforts continue non-
stop. Even when times get tough. Like right now.
Early this year, new Ford Series 10 tractors
were introduced to farmers. We invested £50 million
in the development of these highly productive
tractors. The results: increased power and fuel
efficiency. Advanced newSynchroshifttransmission.
innovative hydraulics. And all-new 4-wheel drive.
But the investment didn't stop with Series 10.
Now we're investing millions more in the develop-
ment of other new products.
We're also developing new manufacturing
and quality control technology. ..and conducting
alternative-fuels research that may one day free
farmers from dependence on petroleum-based fuels.
We don't have to tell you. Farming is a
business that demands constant gains in
productivity and efficiency. The kind of gains
offered by new Series 10 tractors.
And continuing investment In the future is
the mark of a tractor manufacturer with the
resources of Ford. Strong financially. With in-depth
technological expertise. Totally committed to
agriculture. And represented by dealers who strive
to give farmers superior service in every detail.
That's the Ford difference. It explains why
Ford outsells othertractor manufacturers in so
many nations around the world today. And why
we will tomorrow.
Financial Times Friday August 20 19S2
ACTI
latter
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tecea-
prote
perfo
outsit
. Till
achie
grour
..reces!
indue
■iglfin
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price
jriore
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Las
Whole
foreij
Bjut t
year ;
19S2
ably
Minis
is wo
doubt
adopt
Sfc At
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«Th<
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away
into i
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and (
suet ■
Companies and Markets
W. G. Allen
(Tipton)
£597,000
in the red
UK COMPANY NEWS
FOLLOWING second-half taxable tioD . s - . electronic systems.
Plessey soars by 26% to
£31m in opening quarter
BUOYANT -first quarter figures sold during the course of last lower levels of ‘business in the
are reported bv the Plessey year, and the first quarter U.S. and by the sale of tne
Company, the telecommunica- figures of 19SI Included operat- hydraulics business,
tlons. electronic systems. Ing profits of £l.Sm and sales of Computer peripherals expert*
Rentokil
rises to
£8.01m
halfway
Dale Electric more than
doubles profits for year
PRE-TAX pmfits more than group as a result of a manage- by it. The 30 per. cent increase
doubled at Dale Electric Inter- ment buyout . in turnover has been entirely
over for the year felL by IS per ;rne directors say cne groups ~ sav telecommu- charge (£8.74m). With earnings per ii/p snare , year to ap, against 2.5p last year. ™ m uxeiy m remam -- - - _ .
cent from £7.9m to £6A<m. rash position remain^ etrang and ni Sf 0 ^ eoS t fnu its wroiig E^nings before extraordinary stated ahead at 3.STp (3S5p>. the ; Earnings per share of the for rhe foreseeable fulnro. ft aoiafiSie S SS
The year's dividend is being Interest receivable of £S.Sm for th t h ome an( i overseas items were ns.lm, 14.8 per cent interim dividend is being raised group. which makes electric The groups associated ccra- our Nigeria and bythett hope-
missed— last time a total of the Quarter was £5.9m higher of 7.5 per cent in higher than last year, and earn- fmm ?05p to I.2p. Last year a t generating sets Including ground P»ny m Mexico, pttomoiore^ °J r fv ^ ™„% nc / Af( ^
3.108p net was paid per 2Sp share, than last year. win* rentfa onerat- incs per 50p share increased by tmal nf 2.S5P was paid from pre- equipment for aircraft electrical Dale, contributed to the years there France pro-
.The directors say the group's
rash position remains, strong and
£700.000
The pre-tax figure was struck first half of 1982. on higher The board is recommending a
before depreciation of I6m turnover nf £53.0Sm. compared . final net dividend of 2.3p per lOp
(£5 98m). There was a £I3m tax with £46 16m. , share, lifting the payout for the
charge (£8.74m). With earnings per lOp snare , year to 3p, against 2.5p last year.
advanced • Second half pre-tax prnfits were and production reorganisation at cen t- last year. Dale has been
n in the ; up from £245,000 to £799.000.' Dale. Electric— the generating progressively J*
! higher! The board is recommending a set corapany-is in hand. Bank
mmpared final net dividend of 2.3p per lOp borrowing, which stood at £5m ™
! share, lifting the payout for the at year end, is down to £3.Sm gy. i>igena on jmpanM^
0p share , vear to 3n. against 2.5o last year, and is likely to remain below ]™s. With its cunrntram
Losses per share are given as Operating profit margins were j B » profits Electronic svsrems 13.9 per cent from 6.54p to 7.45p. profits nf £14.0
16.6p (7.48 earnings). n.6 per cent of sales compared and equipment was affected in Th e current cost profit and The directors e
The directors say the second with 10.9 per cent in the corre- ^h e quarter bv lower sales due l QS ® account showed P re A^* half profits tn sh'
half losses were caused primarily sponding period last year, to delivery patterns *»d a strike profits of £26.Sm compared with increase on the
by poor demand for heating pro- Further .improvements in operat- a t nford which reduced profits ~* 7m ’ 71X1 . ,ncrease 58 per c f"“ period of 1981-
ducts. From October to December ing profits, which were £3O.02m n v Fin. The earnings per share on this The main diriffl
orders were down by about half, (£30.12m) are anticipated during
though in the final quarter they the remainder of the year, say
were comparable to those of the the directors. an increase of 39.3 per cent. The order DnoK total ror tne ser vice did nnt live up tn expec-
previous final quarter. The group's Interests in aerospace and engineering activi- period stood at £i.Z6m tarfans and was sold nn June 30.
Orders for mechanical hydraulics and capadlators were ties have been influenced by the See Lex £90.000 was realised by way _ nf
Orders for mechanical hydraulics
handling and other engineering
products in the second half were
similar in total tn those of the * _ -m -m ■ , /> am uvww
,o a ; ,h sf ,o m ^ AGB Research sham rise to £5m ssss. smx ■
despatched hefore the vear aid. A%Vk3VW.lVll tJIIltl |V A Tp e u.S. company, which nro-
_ . - . duced verj' poor results in i95i.
nver^ortsatCTiTOOyrcma^Tci A SHARP rise of £1.15m In pre- profits were reduced to £4.45m rights issue money has financed showed a ‘much reduced !««.
tax profits has been produced hy (£3.49m). most of this expansion - AGB a breakdown nf the taxable
and represented Ujf percent of AGB Research which ended the has not 8een tempted to use its prnfits shows a surplus ff. 2m
H “'■ 3 icr tcUL year to April 30 1982 at £5.01m. • Comment » — — a .« »w a r.tv and
crease on the corresponding I chairman, says that although Pountiy's future has not been car H 5 Surprinugiy.
■riod of 1981. I there has been some sluggish- dampened. ‘Any loss resulting 0^,^ ue bACk on track.
U y £ iiu. ^ - i . The main divisions produeed ; ness in export sales intake in from- our Mexican investment s company says the ratio is
Microelectronics and com- basis increased by 69 per cent Eond results, particularly pest | recent weeks, the group has an unlikely to exceed £M.0W m the 3 :1 in favour of the home side
ponents achieved profits of £2. lm. . v control, though the sccunt> ; outstanding order book of .**7® Mr Dale. on new orders. A year ago. the
an increase of 39.3 per cent. The service did nnt live up to expec- ; £25m. giving a solid base well Th* initiatives made in the proportion was just the opposite.
rinns and was sold nn June 30. • j-nto the second half of the 1981/82 year leave Dale in a Mexico already accounted
0.000 was realised by way of , current year. stronger, more confident mood. <- Qr nai- should be able to haul
goodwill, which has been carried
direct to reserves.
current year. stronger,
During the year, the group he adds,
was able to make znofe effective A
Oversea*; companies contri- i use of its cash and human
comment
for, Dale should be able to haul
up its profits further thia year.
And. with bom>wings-*Hid8r coo-
trol. it should return -to its
butpd excellent figures, with resources. Mr Dale says. Seven Dale Electric is one Of the former pattern of grWth-'.in
profit^ rising by 32.2 per cent, surplus properties have been tenacious survivors of the cur- fairly swift order? The dividend
The U.S. company, which pro- sold or re-leased, and Kingston rent slump and in recovery is gives tie shares, at 7Sp, » yield
duced very poor results in 1981. Computers has left the Dale one of the few pleasures afforded of just under 6 per cent.
the total sales.
Turnover for the 12 months AGB's 30 per cent Increase in But for the first time, the com
pricey shares For its purchases. f£4.S9m» parned in the UK and
(£1.74m» oversea*
Looking to the current year i mr]rT )ved from £32.16m to pre-tax profits had been well pany has racked up some debt latter figure being for the six
Corah surges to £1.4m midway
* . «r S- y hMters where f40 - 39m * expected by the market and the (about £3m). Provided all the months to March 31 198 Tax TH& forecast ot improved trad- the Impression that Marks and 10 per cent, evident a few yearn
the SnWnuwn! trend h*? not vet The final net dividend has highly-rated shares lost 2p on acquisitions come right, this took £4.1Sm t£3.14m> ana inR conditions 'continuing Spencer has adopted a slightly ago. looks an elusive target,
ifshi nthpf nrn- been rais^ fr 0D i 3 - 5 P t0 3 , P the day to close at 298p. Another should pose few worries AGB minority ’ n j£Tf- lK Pame tn through 1982, made by the direc- softer attitude towards its buy- Still, the statement seems tn he
Sfmriitdv far ah Md whie h nises the totaI from 5,5p acquisition, in the S3m-S4m is cagey about what the new £43.000 tors at the time of the last ing prices— M & S takes rwo- pointing the way to £3m pre-tax
Twl vrfTi hL annrhiTr low in t0 ^ Earnin S s P er 10 P share range ar.d located in Asia, will businesses will add to profits An exchan e sureius art* annual report, has been borne thirds of Corahs output Also for the year with perhaps a 3*p
thpflrcr half hTTt rhpv pVnprt «» « rising from 9.S7p be announced in the next few rhis year; the chairman only says nn the translation into sterling out by corah, the Leicester- Corah's recent investment in a share payout for a fully taxed
if e t« Ha Tftvrar ihm ‘f«r thp to 9.92p. days. This should mark tihe end it will be “substantial." It of aS j C, L ^ - ! based manufacturer and distri- new plant is clearly paying off p/e of 10.9 and yield of 9.4 per
i^rt ^ At half-time, profits increased D f AGB's rerent bout of pur- ought to be. Stated earnings f£1.47mr and ha” been taken \ hul0J . of clothing and in reduced unit cost. That said cent covered around two limes
comparable period last year. ^ from £r46m t0 £2.04m. The chases, for the time being at per share edged up by only 4 directly to reserves, while a . fahrics a retlini t0 profit margins over by CCA earnings.
to 9.92p. days. This should mark the end it will be "substantial.” It of net assets was j based :
At. half-time, profits increased of AGB's rerent bout of pur- ought to be. Stated earnings f£1.47mr and ha* heen taken 1 buior i
from £1.46m to £2.04m. The chases, for the time being at per share edged up by only 4 directly \n le * j fabrics.
comparable period last year.
iiuiii ij.ivni .w — — - viutaea, iwi uir uiiie >ic.ng m r- - - —j - ‘ - .. . . iviiu.
The group should make a profit directors stated -then that the i eafit . Now comfortabiv spread per cent in the year on a his- surnltu of Soni.onn on rne saie Pre-tax profits rose from
fa the second half but this wilZ second half of the year was through the U.S., Europe and tone hasis and were static in the ot properties has not oeen raven £509 000 to £1.42m in the half-
depend primarily on the orders already well advanced and the Far East, the company has CCA fieures. This isn’t the sort in r " al ^ ount ,n naure?. year to July 2, 19S2 on sales up
1 for and sales of boilers. seasonal factors, which bring in much to gain from developing of stuff expected of a company p UPT T m t 0051 . an l l ^yT ' from £23.09m to £2SJS9m, an
During the year steps were more revenue in the final j ts businesses through cable, trading on a multiple of nearly e proni ‘ 1 increase of 12 per cent. The
Saville Gordon doubled
taken to lower the company’s quarter, were likely to produce videoterts, and satellite com- 30. The improved dividend gives £5-9 2 'm f£10.93mi.
break-even point including the a generally satisfactory out-turn nmnications worldwide.
loss of jobs. In Tipton employ- to the year.
ment was reduced by about Mr Bernard AudJey. chairman. -
10 per cent over and above said that he hopes to announce Li nil I
natural wastage and there was the acquisition of an Asian . ftJLI 1U1 JL
The a yield of iess than 3 per cent.
Fall for Louis Newmark
• comment
Rentokll’s 21 per cent profits
increase was pretty much in line
interna dividend us raised from more THAN doubled pre-tax line equipment and engineers
1.25p to. 1.5p net — last years profits of £1.0Sm at J. Saville merchants dtvisinh has benefited
.... Tirnfitc tota Was " -9p from P re “ tax Gordon Group compared with from rationalisation hi 1981.
cem prnnu» pro f;^ s 0 f £l.63m. «,.««« -> =v_j — m 1
pu.000 are described as " exce!- The ^ property diviskm to
increase was pretty muen m lint Ni r hnla< CoraK the execu- iTTr « v m. rT. tT c ”:T, ' me new propenx mvuaua ra
sffiffiffBs-jiSM ssa?. sp-jpsr-JS
short time working for several «*mpany In the next few days. . „ . drop in the share price to ISSp th -mup’s n'attern of Trading Sa^l® says be Is “very
Snthf 42 OM ft nf work. The takeover would contribute Pre-tax profits at Louis New- This electronic and precision from an all-time high represents Ipt-S tie P and ^erond ^ ^ enthusastic " about future
Lcl U™ StetanfiW to profits and mark in the year to April 3 1 982 en^neerand watch distributor p«fl Ma klng after io £2?"^ ™ XtSSX *t W.19m lor the year to ^
sq ft of warehouse space Is being £491.000 (£214.000).
vacated.
There was an extraordinary debit
Taxable profits were struck th j s t j,ri e 0 f £533.000 which
The net final dividend is bcine for the current year indicate inadequate management, and , t sight 1
raised from 7p to 7.5p per 25p little change in the level of despite the shake-up. significant ha[r a ™? umen - 1h pessimi
share, taking the payout for the profits. The board says it has profits from that area may not H year.”
losses emerged
(£278245 profit;.
mis ume or jcooo.uuu waicn ujb wuui me *ue proms irom mat area iua» nut lonrin-* attritmtahlA
after exceptional debits of consisted of £433.000 of non- 12 months to 11.5p. against lip taken action to streamline the be seen until 1984. It seems >,ioHor =.t
£85,208 (nil) and interest charges recurring costs from the removal last year. group and predicts an improve- that Rentokil has decided not to nr™ ro
of £93,258 i £90.852). Tax took 0 f market research companies Depreciation costs wen* little ment in profitability as soon as he deflected from increasing ^ ra I n ' P ^a nm , A™ nnni
£17.830 f £132.778 credit) and to Hangar Lane, and £100.000 changed at £633.000 (£631,000). there is a general upturn in the profits first and foremost by deeds absorb E44S.oro ( -sraj mi
after preference dividends of provision against part of the and tar for the year took economy. increasing density in the basic oroms p mewnai
£2,625 (same) the attributable company's investment in .LCK -£396.000: (credit £1.35m). ESim- Pre-tax prnfits on a current business of pest control and vTSt.ow enmnared wi » ii - , >.
£617,563 l?nus. ings per share are stated at 2Sp cost basis came through at hygiene, as witness the sale in Stated earnings per 25p snare
On a current cost basis, pre-tax (38p). " £308.000 (£1.03m h June of the security business rose from On jo 4*o.
which had been added to as On ■ CCA basis, pre-tax profits
recently as a year ago. Rentokil Wlfrr ^
• should make around £17m pre- — rnmment
tax in the year, putting it on a • comment
^ V g P/E of about 22. More than Corah was busy making opti-
IJm / W m U ever the Damsh parent company mistic statements at the
■ | ■ ■ flll ■ Sophus Berendson looks a beginning of the year so the
Second half poflts improved . Tbe final dindend has been
iarply from £195.000 to at2.221 poet egainst '
igj poo 2.403p last time, which, with an .
Although he says better increased interim of lp (0£35p).
ading conditions are not in the total from 2.928p to
ght Mr Saville is "far from 3-221P-
issimistic about the current After tax of £344.000 (£87.000)
tar." earnings per lOp share were
Mr Saville says that the pipe- given as rising from 2p to 4 2p. .
DIVIDENDS ANNOUNCED
Date Corre- Total Total
Plessey rings up
an excellent
1982/83 FIRST QUARTER RESULTS
• Pre-tax profit up 26.3%
• Earnings per share up 13.9%
that company's non-Rentokil husi- question was just how far the
nesses appear to be on an upward reCove ry would go. These
trend. figures are a shade ahead of
most expectations and the price
T» /f x p- rtr . edfied ahead 2.5p yesterday to
MlintOD rSrOS# 35 P on a generally weak day.
nnn Pre-tax margins have widened
£QSU XXII from the 2.3 per cent nf a year
agQ t0 5.5 per cent confirming
rights issue
Munton Brothers, the Northern _ , -
Ireland shirt maker which FirSt SCOtllSIl
supplies Marks and Spencer, is x 11 51
raising £989,880 by a rights issue a _ _
to renovate its Belfast factory AlDCriC3D llTTS
and instal new computerised
^The company is backing up its interim dividend
cash call with a forecast of a _ rm«t
near 40 per cent profits increase Ftest Scottish
for the current 12 months to is raising its net interim dividend
next April. per 25p share for the six months
The rights is pitched on a two- to July 31. 1982 from 1.3p. to
for-three basis priced at 21p -a l.4p, afler lifting revenue from
share — a discount of 5p on the £762,000 to £882,000. Last year a
Current
of
spending
for
last
AGB Research
payment
payment
div.
year
year .
3.7
Oct 25
32
6
5 6
W. G. Allen and Sons...
Nil
2.31
NU
3.11
Corah fat
1.5
Oct 15
1.25
2.9
Dale Electric fat.
2.3
_
LS
3
2.5
A. and J. Gelfer
2.4
Oct 9
2.3
■L2 .
3.9
Kode Intul tat
2.32
Dec 3
2.32
Louis Newmark
7.5
Oct 22
11.5
11
Noble and Lund ...fat
0.18
Nil
Nil
Rentokil fat.
1J2
1.05
235
J. Seville Gordon
222
Oct 27
2.4
3.22
2.93
S teahouse Holdings Int
2p
Sept 30
l.S2p
5.1
M-'m. tYhittlngham fat.
Woodhouse and Rixson
225
Nov 2
225
—
7
(Holdings) fat
0.75 S
—
02
—
1.4
from the - 3 per cent nf ayear , * Equivnient ' after ^ ■llnveinB for scrip issue. tOnespitsi
coniiniit,, ‘
PORTSMOUTH
BUILDING SOCIETY
Notice is hereby given in accordance with the Society's
Rules that as from 1 st September 1 982 the following
rates of interest per annum will be paid on the various
types of investment account-
price ahead of the news.
total of 4.S5p was paid out from
An extract from The Plessey Company’s unaudited
consolidated results.
13 weeks
ended 2 July
2982
£000
13 weeks;
ended 3 July
1981
£000
Sales
215,300
■ 221,500
Operating profit
24,922
24,140
Profit before tax
31,524
24,959
Earnings per share (pence)
7.45p
6,54p
Taddale Investments, which pre .tax revenue of £2.46m.
controls 20.3 per cent of Munton s Earnings: per share are stated
capital, has agreed to take up its at 27Sp ( 2,3fl pji an d net asset
entitlement in full and will be value per Bhare is put al 168 . 3p
SHSHm g® saas is
for the year to April 30 1983 com- full conversion of loan stock.
Dared to £432 000 They intend to Charges and corporation tax
hold the dividend payout at 2.5p took £212,000 i £1 50.000) wd rm-
a share an the enlarged capital, putation tax a further £294,000
Apart from the renovation of (£267.000).
the Belfast factory and new The company has increased its
equipment there and at Lurgan short term borrowings by 55m |
the rights proceeds will he used (£2.94m) which has been invested
to finance additional working Initially in the U.S. Treasury
capital. bond market.
Noble and Lund turnround
After a turnround from pre-tax months of £5.000, on turnover of
losses of £67.000 to profits of £1.57m.
£30.000 in the half-year to June Interest received for the six
30 I9S2 the directors of Noble months totalled £18.000 (£26.000)
and Lund are recommending a and tax took £1,000 (credit
net interim dividend of 0.175p £13,000). Earnings per share
per lOp share. Turnover for the are stated at 0J34p (loss 0 95pi.
period was down slightly from This engineer and machine
£815.000 to £803.000. tool maker says that although
Last year saw no dividend pay- trading has improved in recent
ments. with loss ses for the 12 months, order intake remains
erratic due to the recession,
- pAcifivA fvAndo continues to affect many
XTUMUVc llcIUb tool makers both at home and
at Scottish The company is reluctant to j
& ‘VT make s forecast for the fuff
IN GW castle year, but present signs are that
" carire fiT r second half results should at
sn X hi! ™ e * B least match those for the first
so far been up to our expects- PreJav fieurps nn a i-nrmnt
tlons against an increasing y J JJf? w ir
depressed economic ■ back- 23 a loss “ £ ** ,00 °
ground." Mr Peter Balfour,
chairman and managing director
of Scottish & Newcastle
Breweries, told the AGM. 41 They
are at ..better margins than last
year.
" Hotels are trading more pro-
fitably. though the improvements
are largely in the London area.
Conditions for our wines and
spirits companies remain diffi-
cult. We are now benefiting
from operating economies and
improvements in productivity
put in hand over the past. 12
months and from the reduction
in interest rates," he added.
14 If these trends continue. I
would expect improved results
at the half-year."
Ordinary Shares 8.05%
Monthly Income Shares 8.05%
6 Month Term Shares 9.50%
2 Year Period Shares 9 .65 %
3 Year Period Shares 9.75%
4 Year Period Shams 9.90 %
5 Year Period Shares 10.10%
Subscription Shares 9.55%
Equivalent
to
(where
Income tax
is payable
at the basic
11.50%
11.50%
13.57%
13.79%
13.93%
14.14%
14.43%
rate of 30%) 13.64%
POnOlflH BIB SOCIETY
176 London f?d.. Worth End, Portsmouth.
Telephone: Portsmouth |0705) 693317
The new generation Plessey Payphone
has just won an order worth £40 million
from British. Telecom to help Improve
die Halloa's telephone service.
•plessey
The Hessey Company plt^ Vicarage Lane, Ilford, Essex IGi 4AQ.
M. J. H. Nightingale & Co. Limited
27/28 Lovat Lane London EC3R BEB
Telephone 01-62) 12)2
From
20 Aug. 1982
the Lombard
14 Days Notice
Deposit Rate
will be
tfix
Lombard North Central PLC,
17 Barton St, London Wl A SDR
For details p ism 0K409 3434
1961-82
High Low Comojny
137 120 Ass. Brit. Ind CM
137 100 Ass. Bril. Ind. CULS ..
75 62 Amprung Group ...
51 33 Armings Si Rhodes . ."
230 187 Barrion HdJ . ...
113 ICO CCL 11 pc Cnr,w. Prol .
265 240 Dndico Group
JO* 60 Otboteh Services
136 97 Frink Horsell
83 39 Frederick Parker
78 rffi Georoe Bfeir
102 93 Ind. Precision Csstingg
117 100 leu Conv. Prni
113 94 Jackson Group
133 106 James Burrough
334 188 ftobert Jtfnlrinj
82 51 Seruitons "A"
222 150 Tordey & Carlisle
4* Zf (Jnifpcfc Holdings
103 73 Welter Alexander
2fi3 212 W. S. Yearns
Prices now available
THE THING HALL
USM INDEX
127.8 (unchanged )
Qosc of business 19/8/82
Tel: 01-638 1591
BASE DATE 10/11/80 lOfl
Gross Y»el<; Fu'iy
Pr^ca Change d>v.(D) Actual tasad
330 -f- 2 11.4
113 — 15 7 1
265 — 26 4 1
>4 1 6 0
135 — 7 9
71 — 6.4
53 — —
90 4-1 13
ii7 — is 7 ::
113 +1 7.5 I
133 - 9.6 ;
193 - 2 200 11
82 — 5.7 ‘
ISO — 11.4
21 — O 4« :
84 — 6.4 1
SO — .14.5 j
on Pres tel page 48149.
50 i:s
8 7 80
9 R 5 7
5.0 9.7
13 9 —
10 (7 10 7
sn 13 7
3 7 8 3
9 ? 12.2
20.0 10.1 2.2 31.4
5.7 7.0 10 6 12.8
11 4 7 6 6 7 11 5
0*« 22 — —
ladbroke index
566-571 (-10}
7^14^4)
i**
* i» fc
- -»
v-^ - ■
15
Financial Times Friday August 20 1982
or
4 m
General comments on results
Turnover and profits
Sales volumes of both Scotch whisky and gin d ec lin ed
by comparison, with the previous year but turnover,
excluding duty, and trading profit showed modest,
increases. Whiskies bottled in Scotland and Tanqueray Gin
are invoiced to the US in dollars, and the strength of that
currency during the secondhalf of the year benefited profit
appreciably.
The Food Group achieved a substantial profit recovery*
hi spite of the depressed state of the markets in which it
Operates and the Carbon Dioxide Company again showed a
small increase in profit.
' United Glass, the associated company, continued to
suffer from the recessionary conditions. Redundancy
payments and costs of facility closures were higher than in
the previous year with the result that an increased loss was
recorded, our share of which was £3.1 million compared to
£Z.8 million last year.
No sale of BP shares was made during the year and as
2.61 million, shares allotted to us in July 1981 By way of
i 1 1 ! fi [ rights were taken up* the Group’s holding at 31st March
4 1982 amounted to 20.9 million shares. v
Profit before taxation, is only slightly down on last
year at £178.5 million against£l81.0 million but the charge
for taxation is dispropomonaUy lower mainly as a result of
the benefit to stock relief of a sharper rise in the ‘‘all
stocks’* index and the writing back of a provision for capital
gains fax of some £3 million which is no longer required. *
Dividends
The directors recommend a final dividend of 8.75p per
y 1 - , " • share. An interim of 3p per share has already been paid
M making the distribution for the year Zl.?5p. Together with
the associated tax credit the total distribution is equivalent
to 16.78571p compared with 15.35714p last year.
Scotch whisky
Production •
On the basis of sales projections, which were regularly
under review during the year, stocks of maturing whiskies
continued to exceed estimated future requirements.
in operation, butshoir tune wcjrl^g continued, and an.
extension of the normal summer closures had to be
introduced.
During the year the Company benefited from the long
1 r i „ awaited payment of refunds on Community-grown cereals
Used in the production of whisky exported to markets
outwith the EHC-
The new makings and the barley storage unitat
Roseisle, Morayshire, became operational and provided
modem and efficient facilities. A major capital project was _ .
a pp roved during the year for the provision of anew . '
by-product plant to produce Dark Grains at Cambus
Distillery.
Overall capacity in our blending and bottling
warehouses readily accommodated all d e m ands and at a .
few units intennitxent short tirne working was xiecess ary.
EEC
Despite four judgments of the European Court of
’ Justice in February 1980, tax disa±nination continued to be
a major obstacle to the improvement of sales of Scotch
whisky and gin fix certain EECinember states. Efforts at" a
political level to achieve a measure of tax equity between
different alcoholic beverages collapsed in October 198 1,
when the Finance' Ministers failed to agree to the
L •*" fV>mmicgTrm J g|Trnpf\ca1g-
I referred last year to thelegal proceedings by our
subsidiary company, Simon Freres, in respect of tax
SIVIOUTJ; extended until February 1982. Since then the Finance Law
, ... ►'p °f 1982 has prolonged the discrimination for a further year
iCs OwW'*” (albeit at a reduced rate). Simon Freres is maintaining its
. claim for reimbursement of the discriminatory tax.
In Italy the discriminatory fiscal duty continued to be
levied on Scotch whisky whilst grape spirits remained
exempt. VAT also continued to be levied on Scotch
whisky at 33 “o whereas the rate for spirits without
appellation d’origine (in particular Italian grape spirits)
was 18%.
It is, however, pleasing to be able to report that the
Commission’s efforts to establish satisfactory definitions of
spirituous beverages including Scotch whisky now seem, to
. te making progress.
During the year we expressed concern at various
proposals to reduce the ‘ c wine lake’ ’ in ways which, it was
■ feared might result in unfair and subsidised competition
- • agains t Scotch whisky and gin. We have much appreciated
: the efforts of Her MajestyXGpverament to protect our
' interests in this regard.
The gap in HM Customs and Excise data on industry
. shipments from March to August 1981 prevents an
. authentic comparison, between the industry’s performance
[TS S >H : ' .ti’lj & hi 1981 /82 and our own. Estimates based onsuch
[ | * i* 'k ' v* info rmat ion as is available indicate that the industry
showed a decrease compared with the previous financial
year. A major feature or several EEC ma rk ets was the
s continued gnynrii zn shipments in bulk to the extent that at
t v . v i" « • - — XI r
■* *;■?
aS -
results from bottling at lower strengths.
The volume of -Group shipments showed a decrease
during the year but our distributors* sales exceeded those
shipments and our brands performed satisfactorily in-
depressed trading conditions. Johnnie Walker Red Label
e ppriny ifid to command strong consumer appeal throu gh out
the EEC. In France, following the European Court
Judgment declaring unlawful the Government's _ _
discriminatory ban on the advertising of cereal spirifs, Raa
was the subject o£ a powerful advertising campaign#
ttmm nftliA TPTMcinn . we
fanning further increases invarions marke t s *
Home sales
Industry statistics for thetwelve months ended
December 19S1 showed a decline of 5% in total clearances
ctfScotnh whisky in. the UK. Mainly as a result of the
hrtryidTTt^ tirin pfa of private labels by major
—•—--gig- - : - U 1 .J. Cm an&uraA a (fTPilfM -
UCUiUC, UUi, VVlUlCUUOiC ; I c
performed well, and The Claymore maintained its share of
mark et! *
Ha ig , after extensive market res earch, introduced a
Bewbottieandredcsfgnedpa^agingforGold LabeL John
Dewar &. Sons appointed Hedges &. Butler (the subsidiary
company of Bass responsible for marketing wines an d^
spirits) as its distributor iii Great Britain. This move offers
au htfanriall y im proved prospects for Dewar 1 . S in the longer
teem.
Extracts from the Statement of the Chairman, Mr* J* R Cater , circulated with the
Report and Accounts for the year ended 31st March 1982*
SUMMARY OF RESULTS
for year ended 31st March.
1982
1981
£ million
£ million
Turnover
1,083.9
1,041.3
Group trading profit
18L6
174.7
Group profit before tax
178.5
181.0
Profit after tax &.
minority interests
130.0
125.0
Dividends
42.7
39.0
Earnings per share
35.80p
34.42p
Dividends per share
11.75p
10.75p
of business ah ead of fnrplem entation. Throughout the refit ^
of the world the buy-in during the fi nal quarter was of
approximately the same volume as last year.
In the first nine months of the financial year,
consumption in the United States, as measured by federal
tax payments, showed a small decline, but bad weather and
the depressed economy led to a severe downturn in trade
during the January to March quarter. As a result, industry
taxpaymentsforme financial yeaeshowfed a decrease of 10%,
Neither Group shipments nor our importers’ depletions
declined to this extent. Dewar’s 'White Label increased its
market share and Johnnie "Walker Red Label -mamfriTTn yl its
position. Johnnie WalkerBlack Label showed some further '
Despite the Chancellors imposition in his March
Budget of a lower percentage increase on the duty on spirits
than that applied to wine and beer, Scotch whisky' remains
' much mote heavily taxed in relation to alcohol content than
either of those types of beverage. Furthermore, the
Chancellor again disappointed the industry- fcv his failure to
extend to spirits the concession on credit for the payment
of duty which is already' allowed on a number of other
alcoholic beverages.
Last year I referred to the filing of an Application to
the EEC Commission for approval of a form of price
structure for the UK market based on the favourable
comments of the Advocate-General in our Appeal against
the Commission’s Decision of December 1977- Although
the Commissionhas not yet given any indication whether — ,
it willacceptorreject our Application, we areadvised that
its dedsion will not now be Ipng delayed. Meanwhile, / '
our UK sales continue to suffer from the measures /
we felt forced to take to protect our exports. {
Exports
The volume of our shipments was down compared
with the previous year, but profits improved slightly due in
part to price increases, and in part to the strength or the
dollar during the latter half of theyear.
. Statistics of industry exports of Scotch whisky were not
published for March 1981 or for the five months April/
August 1981. The statistics for the s ix months to the end of
February 1982 showed that total exports of blended Scotch
whisky were on a par with the same period last year, while
our own shipments were marginally down. Exports of bulk
malt whisky continued atahighlevel, butwehavenot
altered our view thatthis trade is damaging to the Scotch
whisky r industry’s long term interests, and wetake no part
.in it.
9 Te announced price increases for our exporttradein
mid-December 1981 . The increase to tbeUSA was a
modest one, and under prevailing economic
conditions it did not generate a great deal
sales volumes, and Usher’s Green Stripe and VAT 69 Gold
continued to be our leading brands in this category.
The extremely d ifficult trading conditions continued
to operate in most other world markets. One area of
.concern was Latin America where the effects of the
recession were especially severe. "We exported substantially ”
less to Venezuela. Our shipments to Mexico were
maintained, although prospects in this important market
were dampened by the devaluation of the peso in February.
Our de luxe whiskies, such as Old Parr, Johnnie "Walker
Black Label and Buchanan’s De Luxe, made a substantial
contribution to profits.
After an extremely poor 1980, tax-paid clearances of
Scotch whisky in Japan showed some improvement in 1981
and this was reflected in our distributors* depletions into'
the trade. Our major importers have undergone aperiod of
d ©^rocking and as a result our shipments did not quite
match last year’s levels. White Horse remained the clear
market leader and substantial progress was made by Old
- Barr. Parallel imports continued to destabilise prices and
thus adversely affect the prestige and image of Scotch
whisky.
The African, continent was not immune to world
trends, but White Horse maintained its strength, in a
number of markets. In Australia our brands increased their
sdes in a particularly competitive environment.
Gin
Production operations of Tanqueray Gordon and of
John Wa£ney*s distillery were maintained atlevels close to
capacity, but it became necessary to cut output at Booth’s
as a consequence of falling demand.
Construction at Gordon’s newbotding complex at
Basildon progressed satisfactotilyand this facility should be
operational by theendof 1983. In thehome trade the
problems of the economic recession, and the proliferation of
cheaper brands continued undiminished, and resulted in a
reduced sales volume for Gordon’s, as well as an estimated
dightloss of market share. Booth’s Finest Dry Gin suffered
more significantly.
Gordon’s maintained its outstanding export
performance and sales fell less than 1 % bdowlast yearis
record figures. Against a backgroxmd of economic recession
this achievement represented an eucouragmgindicatian
that the intern ati onal p o tential for Gordon’s, even from, its
current substantial base, remains considerable. TheUSA
remains themost important of the markets in which
Gordon’s is produced locally, but Spain, South Africa and
New Zealand again demonstrated the buoyancy of demand
for the world brandleaderinsuchmarkets-
The performance of Tanqueray Gin duringthe year
Was satisfactory. Sales in the United States decreased by a
smaller percentage than, did the gin market as a whole.
Vodka
The performance of Cossack in th e United Kingdom
was creditable given the continuing proliferation of vodka
brands.
Gordon’s .Vodka retained its important position in the
enormous market for vodka in the United States.
Food Group
Our Food Group achieved increased sales of its wide
range of products, particularly frozen foods for which
production, and distribution facilities have been
substantially expanded.
The Peerless Refining Company had a difficult year and
suffered another trading loss, but strenuous efforts are being
madeto deal with this sitbationanditishoped that some
improvement can be achieved in the current financial year;
Carbon dioxide
an advance. Further: improvements in productivity were
made and profit showed a modest improvement;
United Glass
1981 was a disappointing year for our associated
company. The marketsforitsproducts-glass and plastic
containers, closures, tableglass and mould equipment-
remained slack and a substantial fall in sales volume
resulted in further reductions in production.
Although, trading profit at £4.2 million was atths
same level as in the previous year, interest charges,
redundancy payments and other costs associated with the
dosing of facilities totalled £10.4 million, and resulted in
an overall loss of £6.2 million.
Themeasures taken to improve production efficiency
have resulted in a better financial performance in the first
part of the current year. Demand has remained soft,
however, and to avoid building excessive stocks it may be
necessary to reduce output further in the secondhalf of
theyear.
Personnel
The Group’s employees worked extremely hard to
achieve the year’s results in difficult trading conditions. The
Board wishes to express its appreciation to employees at all
levels.
Future prospects
Atthetimeof writing, fifteen weeks of fhecutretfi:
financial year ate behind us. There is, as yet, little sign of
accelerated activity in our world trade generally ana we
and other factors beyond our control make forecasting
particularly diffiafitinayear duringwhichthe mteasdy
competitive situationin the industry andin. the wider field
of alcoholic beverages will assuredly coutinueix> prevaiL
Nevertheless, as we view the position at this early stage, our
belief is that the Group’s world sales by volume will be
dose to those of last year, with a modest improvement in
profits.
The Distillers Gatirpanypla 4
27icOneHimA*aZflndH/tli Annual General Meeting of The Distiller* Company p.J.c. willhcludd
at the NorthBriUsh Hotel , Edinburgh, on Thursday, tne 1 6 th diiy of September, xtfto, at Xi.rj p pjn*
■ A HI
S fi6 Dl
< June
t stren.
eCDDC
j latesi
, * Th
I it w
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- ence.
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• 36 pe
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: 95 S
THE
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ably
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Bfc-azi.
‘Tht
Financial Times Friday August 20 1982 _
__ Conpanias and Markets
UK COMPANY NEWS
Kode Inti,
edges ahead
to £612,000
DESPITE a difficult first half at
Kode International, manufactur- IN THE first half to Aprl
ing electrical equipment, pre-tax 1982 building, estate
profits for the 24 weeks to June Property developer and pi
20. 1982 edged ahead from graphic processor William M
f 603.144 to £612,184 on higher Unglum f Holdings) plui
turnover of £5.l5m compared taxable profits of £751
with £4.99m, to losses or £468.000. despi
Mr E. N. Randall, chairman rise 5n turnover from £11. 64m to
says that, in the short term, . .. . . ....
better trading conditions are in The .interim dividend is being
sight. Order books have maintained at 2.25p net per 12.5p
increased, new plant has been share-last year a total of i p was
commissioned and operating P®(d from pre-tax profits oE
efficiencies have been improved ,^ 6m ' T ,
to counter tlie pressure no C ^ 1 *‘l r
margins brought about by the s l ys that ? ,t ? D “S h th ? pat T
recession * the groups trading is such
The net interim dividend has: ?*♦ „ hal L is tl al ,
been maintained at 2.33p and ™ atcna Ui better than the f
earnings per 25p share were appears inevitable that
given as rising from 6.5 p to 5.58p. fjjjy *
Last year a iota! of 7p was paid ![? ov 5 F r 6 , r i reduction b «
from profits of £i.53m f£Mlm). ^I hrikdo^^nf wJni
.. A t J end o f last full year „ A»? re ^ d ° rf no P ^
£0.47m losses
at Whittingham
Mercantile House offer
comfortably oversubscribed
MINING NEWS
IN THE first half to April 30 alter extraordinary debits wi ; «ci«..u.q -- J"' rAi«e' and orem
1982 building. estate and £222.000 (£29.1W>> for goodwill sale of bra ordinary 'hares yefter- ^ Pirh *\ ' . “Tf mone? ttsS
property developer and photo- on the acquisition nf a minority day was comfortably overenh- is an Me
graphic processor William TVhit- interest writlen-nfF. exlranrdm a ty. scribed with. applications_ Jnr broker K^nhafmPr
tingham (Holdings) plunged credits of £56.000 inil ) for a loan
Mercantile House's offer for
The offer of 25p shares at strong we are moving towards a
375n each wil raise £22.5m and premium when dealings start,”
is an essential part of money it saRL
broker .Mercantile House's £91m Mercantile's shares were
agreed bid fnr Oppenheimer suspended at 420p at the begin-
from taxable profits of £781.000 to a former associate previously
to losses or £468.000. despite a written-off now recovered and
minoritv interests of £124.000
(£22.000) the attributable Josses
emerged at £511.000 (£506.000
earnings).
10."ra shares, a multiple or 1.7.
S. CJ. Warburg, who were
handling the offer, nevertheless
acknowledged that this week's
strong rally of the world's stock-
market.? had played a part in its
First-time profit
for Ranger
Hnldines. the U.S. stockbroker ning of June.
and hind manager.
MfHM niile’e plans aroused
C'^n rmver? v because of the size
nf thp deal. ; he breadth of
Opponhcimer's activities and the
Of the 5m shares involved in
aroused the offer for sale 4.55m are new
die size issues, raising £17m, while 1.45m
idth of are part of a 4.5m share block
and the that Electra Investment Trust
. BY GEORGE MILUNG-STANtFlf
TOE RANGER minium mine in One or two special factors
Australia's Northern Territory helped to shield Sanger from
has confirmed its status as a the current low prices for
large, low-cost and potentially uranium oxide.
highly profitable operation with One of Oiese ww a reiwlt of
comment
" In ail the circumstances it is volume nf new shares to be will acquire In return for its
pretax profits of A$45-58m earlier delays in development
(£26m) in its find year of exist- work, when the then . Labour
Mr John Wardle, chairman.
Realism returned
Wiliam
mum aWi bi- 1 E ■SSffSSbfi’Sgim mSysKTSn? m£SS
materially better than the first,
it appears inevitable that the
group's profits for the year wilt
show a material reduction below
the level of the last two years.
optimistic forecasts floating
around at The beginning of the
year looking for E3m and more
had generally been abandoned
but the market had not steeled
itself for figures like these. In
a thoroughly satisfactory result.''
Warhurs commented. “ If Wall
Street had happened a little hit
earlier then the decree of sub-
script inn would have been
significantly higher."
created
'Wa'-hurc is nevertheless hope-
ful t-hai the new shares will
trade a premium when deal-
ings resume on August 25.
If the market stays good and
stake in Oppenheimer.
Electra reversed an earlier
decision to retain the entire
ence.
The operating company,..
Energy Resources of Australia,
Government declared a. mora-
torium on uranium mining.
Prospective uranium - producers
bad sales of ASl4Gm in the year were nevertheless allowed
4.5m share bolding, prompting I ended June 30, which generated from government stockpiles
charges it had lost enthusiasm
for the deal.
J , . . M A breakdown of nre-interest ‘tSClt ior ngures use ineae. xa
At the end of the last full year n r „fitg nf £505 000 (£1 67ni) fairness that Whittingham is still
the directors said that the com- gJJJ. nro'Serti bolding onto property profits
pany had shown marked improve- division £842 000 t£L6ral' nhritq- tpre-interesli nf over £500,000 is
m Products and finances Er: ,nhic division losses £552 000 Quite an achievement. There can
and they expressed confidence in ff 112,000 j; and investment be few areas harder hit than the
the rompanys future income £215.000 (£184,000). West Midlands. The losses from
L interest took £9TJ.000 (£891.000). processing however are. deeper
and they expressed confidence in
the company's future.
Tax for ihe period under
review took £318,336 (£313.635)
leaving profits of £293,848
(£289.509).
On a current cost basis profits
were reduced to £528,300.
As planned Mr T. E. Darlow,
who has resided abroad for some
time, has left ihe board. Mr E. N :
Randall is assuming the non-
executive chairmanship. Mr P. B.
Smith. managing director,
becomes chief executive of the
company.
Cl Autohomes
makes sale
and leaseback
BIOS AND DEALS
Global dissidents thwarted by
New Jersey court ruling
a return of AS110.65m before
interest, depreciation and tax,
reports Lachlan Drummond from
Sydney.
Interest costs were the main
in order to meet their contrac-
tual commitments.
These drawings' were made
daring the mid-WTOs, when spot
prices were as high as. C.S.S40
burden on the fledgling opera- (£24) per pound. The Govern
don. accounting for no less than
AS48.05m.
Attributable profits came nut
ment received The proceeds nf
these sales, and they are now
being repaid m the producing
at A 837.86m, and a first dividend companies' as. these latter return
of 4 cents a share is to be paid, their ■ borrowed ydlowcake at a
The dissident shareholders of Mr Prank -G. Beatty, president
Mr Wardle says the results than might have been anticipated
reflect the continuing difficulties
of the property division with
even though iho price war is
vicious. Nevertheless those
Cl Autohpmps, a subsidiary of
Caravans International, has sold
about 4.S7 acres of freehold land
for £795.000 ro Standard Life Fen-
Global Natural Resources have of Global, said yesterday “Bear
This will give some comfort time when spot prices have
to EZ Industries and Peko- fallen as low as U.S.S25 per
failed in an attempt to gain
access to information concerning
tjlnhzl shareholders.
Stearns was attempting to gain j Walls end.
biggest
access to a list of Global share- 1 holders in ERA with 30.49 per
great pressure on margins in the summer snaps
holders, but our stock is held in
bearer form, so there is no
Midlands where house sales and processinc to the Mack and the be used to reduce group borrow-
return J einn Funds. The net proceeds will The ariinn vas brought by the register of shareholders. But we
industrial lettings are difficult to property side could make a better I jngs.
achieve.
showing
second
l‘s r ompanv Bear Steams,
viurh i? co-ordinating the actions
do have a mailing list, and
it was this information that Bear
The photographic division has thanks to a very mo&st improve- and most nf it became gi- plus
The Mod is at Poole. Dorset, n f the rebel shareholders, and Steams was anxious to get
found itself involved in a price
war with too many companies
chasing a market which has. at
menl in housing and a couple of 1 Cl Aulnhnmes needs as a result
deals on the industrial side.
Financing costs will continue u*
least temporarily, declined as a bite great, chunks out of trading
Distillers
sees ‘modest’
improvement
result of a retraction in con-
sumer spending.
Tax took £1,000 (£4.000), and
profits but the figures could
justify a maintained payout for
a yield of 10 per cent.
THE VOLUME of group world Dill UiCldA JLJ
The volume or group world
sales will be close to those cf LaucerBoss Group, the Bedford
LancerBoss sales static
but pretax figure climbs
of a redudion in the number of
its employees. Standard LiF** has
agreed to lease back the building
and storace /and now occupied by
Cl Autohomes for ahnut five
years ending in June 1987.
The Initial rent is £55.bP0
annually, rising over the period
«m« dismissed by the Superior
flnurt nf New Jersey on
August IS.
ior "However, the Court of New
on Jersey decided that it had no
jurisdiction over the matter."
cent each. Both are facing severe
problems with most of . their
other interests.
Ranger ' did not get into its
stride until after the commission-
ing of the Jabiru treatment plant
in September last year, and the
pound.
- ERA picked up almost AS30m
from this source' last year, with
a further ASIB-5m expected
during the current 12 -months.
Additionally, ERA’.* - ropirai-n
with its European and Japanese
customers were set at firm prices
before the regonl down Kirn jl
year's output was 2,677 tonnes the uranium spot market.
of yellowcake (uranium oxide).
This three 'months saw produc-
The mine has contracts run-
ning until 1996 wth cunsumers
BOARD MEETINGS
The tniinwinj have neh-
Itfd dar«<« of b-jaref ineenngs to the
E-chan-st. Such meetings are
to £80/100 in the final year. Cl n»vs«v lur «h? auraose of can-
Au Inhumes has the right lo deter- d.v.H»« 4 s omc.ai '^.canons
Target steps
closer to
unification
tion of 840 tonnes, which repre* in Japan, Germany and Sweden
seats an annualised rate of more
than 3,300 tonnes.
for the supply of a total of
30,648 tonnes- of yellowcake.
Drayton at a standstill
‘ ' , . ' .h f e »"» avaitobl^ to whether the
mine the lease id June 1985 or or final* and
June 1986.
last year, saya Mr J. R. Cater,
chairman of the Distillers Com-
pany in bis annual statement lo
members. He confirm); his pre-
diction that there will be a
"modest improvement in profits"
in the year ahead.
As already known for the 12
months to March 31 19S2 the
group made pre-tax profits of
£178.5m, compared with £l81m
previously, despite a rise nf
£9.3m in the second half to
£ll2.5m.
Mr Cater points out that at
the time of writing 15 weeks of
the current financial year had
passed. However, there was little
sign of accelerated activity in
the group's world trade and he
said that U.S. and other leading
markets remained depressed.
He added that the present
economic outlook made forecast-
ing difficult in a year during
which the intensely competitive
sltaution in the industry and the
wider field of alcoholic bever-
ages would continue..
As at March 31 1982 share-
holders’ funds stond higher at
£994.8m. compared with £.903.1 m.
Fixed assets rase from £1 75.7m
to £l97.2m and net current assets
from £795m to £848.3 m.
Meeting: Edinburgh. Septem-
ber 16 at 12.15 pm.
See Lex
LancerBoss Group, the Bedford- vice and lower prices for pur-
sh ire-based private, specialised chased components.
lift truck manufacturer, achieved
a 12 per cent rise in pre-tax
profits in the year lo March 1982
to £2.9m.
The increase was achieved on
virtually unchanged sales of
£40m and despite continuing
depressed conditions in the lift
truck industry worldwide.
Mr Neville Bowman-Shaw. the
chairman, says the industry is
operating on average at 33 per
cent of capacity and competition
is fierce in the most popular
models where price discounts
rise to 30 per cent.
LancerBoss specialises in large
container handlers and side lift
trucks, and lias managed to main-
tain its operations in this area at
about 60 per cent of capacity.
About two-thirds of sales are
Sales per UK employee ro:-e
from £37.097 to £42.361. Net carii |
balances jumped from £59.4.niU)
to £1.4m. Shareholders' funds
Increased from £16.Rm to £21.6m.
Mr Bowman-Shaw says that
with approximately 250 manu-
faeiurers in the industry, ihe
need to re-organise has never
been greater.
“ LancerBoss has planned to
take a role in the re-organisation
from a position nf continued
prnfltafiilify. increased worth,
technologically advanced pro-
duct and unique knowledge of
the industry at senior level."
He says the company is
Humperdinck
sells more
MAM shares
Engelbert Humperdinck, the
singer, has snld a further
jnniono nf his Shares in
Management Agency and Music
(MAili). the show business and
leisure group.
At the recent SOp share price
— the low for the year — his
sale would have been worth
£8(1.000. Mr Humperdinck sold
120.000 MAM shares in -Tune at
a time when the price was 93p.
Mr Humperdinck, who to
geiher with stars such as Tom
Jones and Gilbert O'Sullivan
ih« -.uh-rlivi'm* shtivn below are
t*"5»d rnjmlv on lesr veer's nmeuible.
TOOAY
Interims. T F ?» .1 H. Brs'tne. Exeter
B'lMdmn anH Con si ruction. Galkell
Bn-i'H-tir tViiH Holdings.
Finals Sidney C 5ani>s. Diamond
Sr,-lo«. Riloo. Press Tool*.
FUttJPE DATES
Interims*
Pe-itoH C*vicrpt? Machinery . Aug 27
E"w,tpi Sept 15
CumbniH? Flectr^nir Inds ... Sept 2
Ch*riemi>u«B i-rcnp Sept 2
si* and Target Holdings, a member of
ow are the BIT Group, is taking the next
letabie. gtep bringing together
Exeter *** ttvo member companies.
Gaskeii Target Life and Target Trust
Managers, by unift’iQg the two
iiamond companies* separate marketing
functions.
Mr John Stone, managing
Aug 27 director of Target Life, is to
^ assume responsibility as chief
5 executive of both companies.
MINING OPERATIONS at the
| new Drayton open-cut coal mine
in the Hunter Valley of New
South Wales .have still not
started, although the firsr
delivery is due in October.
Mr Darcy Wentworth, general
manager of Drayton, expressed
his concern at this situation
yesterday, saying that Australia’s
trade unions were still prevent-
ing miners from taking jobs at
the mine.
employed in underground coal
mines.
Drayton wifi nnw definitely
be unable to meet its commit-
ment for .the firs! shipment of
steaming coal to Kyushu Elec-
tric of Japan, which is depen-
dent on the mine as its sole
source of imported fuel for the
Minaio power station, recently
converted Trem nil to cnal. .
Shipments to other customers
are due to start in January next
year, and Drayton wlil Be
S*B«TcwwM«wd Mines Aug' 2-t Under the new arrangement, the [ Drayton has vacancies for 145 unable to fulfil "these contracts
H*pworth Oriimic Sept 3
M*m«c (Memory *nd Elvc-
jn-iit r.rmr'xinnsl S«pt 23
Recfe*" *«H CoUnjn S«pt 7
Bin Tiirtn-Zmc Sept 15
Soiirtiampron. Isle n! Wight
nnH South cl EnqUnd Rpyal
Mail ?»»9in Packet Sept 2A
5eiiir»l Hern Aug 25
(A G ) Aug 25
United Biscuna Sept 9
Woodward (H.1 Sept 1
Finals:
Sept s marketing division will deal with
financial advisers for both unit
7 trusts and the various products
Sept is of Target Life.
Mr David Montagu, chairman
sept 24 of Target Trust Managers, said
Aug 25 that investment management had
Aug 25 already been integrated and the
Sept 1 new marketing division should
p - be a more effective spearhead
men to start immediately, and
the total workforce could reach
400 if the mine is allowed to
achieve its full potential.
The union opposition arose
because of a general ban on
recruitment for new open-cast
collieries, prompted by fears
for the job security of miners
unless mining operations begin
very soon.*
CSR owns 44 per cent of
Drayton, Shell Australia 39 per
cent, and Australian Mutual
Provident Society 7 per cent,
with the remainder of the
equity in the hands of potential
customers in the Far East
esppriatty interested in making . lwri " to ,,p among MAM's major cZU. j.
snrnp sort nf arrangement wiiji assets, jq still an impnrtaot m-k*v s-
Ar». Prrp?rt<9> Auq 24 for promoting and selling the
an nversens manufa»’tiirer with J shareholder with 400.000 shares, ,^ rn ’ D ^ v
ir Gt*c 1
Securities
strong market position
made overseas, especially in the -small diesel and electric lift
Middle East-
The company was able to raise
profits last year mainly through
internal cost cutting, including
staff and stock reductions, a
reduced need for after-sales ser-
t rucks.
LancerBnss believe-; that the
UK market Is beginning to
improve and experts its home
sales in rise by about 50 per
cent this year.
or 5.3 per cent of the capital.
MAM's earnings nnw depend
nn a wide range of activities
including juke boxes, amuse-
ment machinery and the Burger
Kins fard-food franchise.
Wuilhirnton (A. J 1
Aug 31
Aug 24
Aug 28
Aug 23
wide range of Target products
and financial services.
Further cuts at Inco
ATLANTIS RESOURCES
ACCEPTANCES
At 3 om on August 19, the
GEORGE SPENCER
George Spencer has contracted
for the sale of part of its free-
hold land and factory premises
at Basford, Nottingham, for
£425,000. This was valued in
THE WORLD’S largest nickel redesign the section for lower-
producer. Inco of Canada, plans cost bulk mining methods. Pro-
to lay off 1. 1 85 salaried workers duct ion in the remainder of the
in its Ontario division in the face mine will be reduced to a one-
of continued depressed condi- shift-per-day
tions in the nickel market.
Woodhouse at £0.57m
Jevons
Fasteners
first rinsing date of the offer by the group's accounts at January
Atlantis Resources for Le 2, 1982 at the same amount.
INCREASED pretax profits have
been produced by IVoodbousc
and Rixsqn (Holdings), from
The interim dividend has been
lifted from 0.5p (o 0.75p which
includes a special payment of
The sale of Jexons Fasteners'
assets as a no mg concern has
VaJJnneL valid acceptances had
been received )n respect of
582.61 f> ordinary shares of Le
Va linnet (25.03 Der cent).
Before the offer was
£226,000 to £574.000 for the six 0.5p to reduce disparity. At the
been completed by the receiver announced. Atlantis Resources, a
and manager. Mr Kennrih Jones whollev-owncd subsidiary of
The group has not used the
premises for business during
1982. The sale will reduce its
bank borrowings and have a
favourable effect on interest
charges.
The lay-offs will take effect on
January 24 next year. The
Ontario division is currently
closed until October 4.
Inco added that it plans to
suspend production from the
upper portion of its Levack mine
in Sudbury. Ontario. and
measures to promote efficiency,
will be pirf into effect. ■
In addition, the company is lo
cut the workforce at its nickel
refinery in Clydach. Wales, by 30.
The refinery has been closed
since May 10. and the shut-down
will be extended indefinitely
until market conditions justify a
reopening.
Anglo-American
Securities slips
to £1.52m
months to June 30 19S2. Turn- last annual meeting, the direc
over of this forgemaster moved tors stated their intention to
ahead from £7.14m to £7.54ra. return to paying dividends in two
The directors say that there is approximately equal parts. Earn-
» .sign of any upturn in trading ings per 12.5p share were given
id the present levels arc as rising from 2J»p to 2.6p.
:pecled to continue for Die rest j n the last full year a total
of arcountanls Robson Rhodes.
The purchasers are Mr Andrew
Atlantis, owned 1.37m ordinary
(Rfi.7 per cent). Apart from the
KUE GROUP ISSUE
ROUND-UP
Schofield and Mr F%ter Vernon, ordinary which Atlantis will
former senior executives of the acquire pursuant to the offer.
no sign oi any upturn in ironing
and the present levels arc
expected to continue for tile rest
company, who will trade under store Julv 2 1982 Atlantis has
the name Compass Industrial. purchased in the market 59,000
Kue Group has announced
that Drayton Consolidated Trust
has subscribed £200.000 for a
preference share issue which has
Net earnings after preference
dividends of the Anglo-American
Securities Corporation slipped
from £1.69m to £l.52in in the
first half year to July 15 1982.
while the net asset value per 25p
share ex-dividend at that date is
given lower at IS3.5p. compared
with 195.5p.
The directors of this invest-
ment trust intend the total net
dividend for the year to he not
less than the 5.1 p paid for liie
previous 12 months-— as already
of 19S2. They point out that first dividend of l.4p was paid from
quarter demand was high, but pre-tax profits of £674,000.
declined during
SHARE STAKES
Mercury Market Trust — The
undermentioned shareholders
now have the following holdings
purchased in the market 59.000 rights to convert into 25 per cent
ordinary shares of Le Vallonet of Rue's enlarged ordinary share
(2.53 per cent).
capital.
mi a rrer and now annears lo be Pre-tax profits for the half year 0 f participating shares — Poss
nmJim. it th?s lower level were sm,ck af,er Uuerwt W* Fund Nominees 88,000 shares
They' s»y h there has been men ts reduced from £116.000 to (8.99 per cent): Commercial
inujr £79.000, which the director* say
results from Iheir attention to
company's manufacturing sites • . j.
in Sheffield, and that by the end _
of the year the company will be Tax this time look £303.000.
working from four sites com- There was an extraordinary debit
pared with six at the beginning, last time nf £308.000.
wnerai, there has been a The directors add that borrow*
better than anticipated level of ings remain at a similar propor-
demand for aircraft engine com-
ponents, counterbalanced by a
announced the interim dividend , 0 f equipment for the oil
has been held at I.5p.
Gross revenue for the six
months amounted to £2.75m
(£2. 82 m) and management
expenses rose to £204,000
(£158.000). Debenture and other
interest took 1101.000 (£102,000)
and tax £8S9.000 (£822,000). Pre-
ference dividend absorbed
£41,000 (same).
The directors say that while it
is still their longer-term policy
to invest a major part of the
fund in overseas markets, it
seemed appropriate in the first
half of this year to maintain a
substantial position in the UK
market, which has performed
relatively well.
More aggressive overseas
investment, is expected in the
coming months, which will result
in a slower rate of growth in
income, they add.
extraction industry.
lion of .shareholders' funds as at
the last year-end, but there has
been a material reduction in
creditors.
Reed Stenhouse below target
Reed Stenhouse Companies of share, are
Canada, the international insur- <34.57p).
ance broking . group in which Mr Herb
Stenhouse Holdings has a 52 of Stei
Mr Herbert Houghton, chair*
man of Stenhouse Holdings, says
(8.09 per cent); Commercial
Union 50.000 shares (5.11 per
cent); Nutraro Nominees 359,588
shares (39.54 per cent); Cushion
Trust 50.30U shares (5.14 per
cent).
Equlpu — Directors have sold
50,000 shares as follows : Mr
D. E. Condon — 26,000: Mr P. G.
Bradshaw — 9,000; Mr J. L.
Portcli— 5.500 Mr J. G. Agoston
—2.500 Mr T. M. Condor— 7.000.
BJark and Edging! on — -British
Car Auctions has increased its
holdings by 200,000 to 2.095,000
(approximately 11-16 per renti.
Blockleys— C. H. Beazer (Hold-
ings) holds 141.000 ordinary
shares.
Smith and Nephew Associated
Companies— Mr K. P. Kemp,
director, has disposed of 48.094
LONDON TRADED OPTIONS
August 19 Total Contract* 1926 Calls 1,323 Puts 603
Strikers at the Rio Tinio-Zlnc
group’s Hamersley iron ore com-
plex in Western Australia have
voted to return to work, accord-
ing to a union official. The men
at the Paraburdoo mine had pre-
viously walked out over a union
membership dispute which
spread lo the neighbouring Tom
Price mine bat not to the
Dampier port complex, .Normal
production is expected to be
resumed today.
Australia's .MW Holdings has
commissioned a AS26 5m
(£ 15.3m) heavy - medium plant as
part of its AS56m expansion pro-
gramme which aims to lift pro-
duction of the metal to 180,000
tonnes a year from 150.000
tonnes. This will also mean a
proportional increase in silver
output and, in the Jong term, a
more than proportional increase
in that of zinc, says the company.
I Ex'rctos Closing Vof
! once i offer
Jan. I April
«“£.( voi. m
BP let
BP <C.
BP ici
BP ipi
BP «D>
BP 'Pi j
CU (cl
CU id
Com. Gld ic'j
Cone. Gld ici
C ons. Gld (oil
Cons. Gld iqj!
Com. Gld (p>|
Oons. Gld fpl!
CtldB. <c.< ,
GEC (cl
GEC I cl )
- |272p
EUROPEAN OPTIONS EXCHANGE
- i 157 ^.
» r”-..
82
35 —
7J« -
140 —
72 1
— 78p
per cent equity mterest. reports
a nse in pre-tax earnings for j Q g^ j n .large measure to
the nine months lo June 30 1982 the continuing worldwide reces-
rhat the third quarter resuits of ordinary, part of his holding
Reed Stenhouse were disappoint- under the terms of the Saoaco
ing, “ due in -large measure to executive share option scheme,
the continuing worldwide recos- IV. Tyzack and Sods and
Sion and ihe unrelenting com- Turner — Mr R. D. Young's share-
from £10.57m to £11. 01m.
Gr'd Met. (oil
Gr'd Met. (cri
Gr’d Met. fell
Gr'd Met. tot
Gr'd Met. id*
Gr'd Met. (p3
Gr'd Met. (DU
Gr’d Met. ipi
l/M .n, I
— '269p
Series
Vol.
Aug.
Last
Vol.
No*.
Last '
Feb.
voi. Last
Stock:
GOLD C
5500 :
5
58
5
68
4
75
€357
GOLD C
S32S
12
35
4
44
GOLD C
S3 50
185
8
145
28
M
GOLD C
S3 76
12
0.10
28
15
__
.
ri
GOLD C
£400
10
0.10 .
r
GOLD P
S3O0
—
—
31
3.50 A
33
5-
11
GOLD P
S335
—
— •
<8
7
25 ■
10
M
GOLD P
S3 60
13
1.50 '
329
16
358
20
GOLD P S575
12V NL 82 87-91
50
' 19 ■
3
30
C
F.110’
—
: _ :
120
3.60 .
_
F.l 12.90
C
F.l 12,50.
248
' 0.30 i
22
2
.
C
F.115
>
20
1.50
1 "
C
F.l 12,50'
—
i “ '
—
1300
1.70
1 ■»
C F.115
10V NL 80 86-95
33
2.50 ;
8
. 2.80
k
W
Operalrag expenses were up
to £78.7m (£59. 43m). deprecia-
tion costs came to £l.94m
(£1.6m) and interest payments
totalled £2.49 m. t£1.32m). Tax
lakes £5.Sm (£5.Q3m).
The group has announced a
net quarterly dividend equiva-
lent to 5.6p, and earnings per
petit) ve insurance markets in
the UK, Canada and the U.S.”
The anticipated results had not
materialised.
An upturn of the U.S. opera-
tions’ profi lability is expected Jn
1983. says Mr Houghton.
1 holding is now 107,700 ordinary
(6 per cent).
McCaims (P.M.P.A.)— P.M.P.A.
Insurance Company acquired an
January 1 19S2 198.374 ordinary
shares (9.92 per cent ) bringing
its holding to 1.5m (75 per cent).
BANK KETOKN
KESS COMPUTERS p.l.c.
Wednesday
Aug. 13 IPB2
fncreasi (+1 or
DeoreAM f— )
for week
ICI id
ICI 'c: !
ICI ici ,
ICI (c>
ICI (pi
ICI -PI I
ICI (pi
Uincf See. r<ai
Land Sec. (c)
Land Seo. (p)l
Mks & Sp. lex
Mks & Sp. (Ql|
Mks & So. (CD
Shell ici
S hell id
Shell (cl
Shell ipi
Shell (pi
Shell Ip)
- l2B8p”
F.97.50
F . 100 ’
F.102.50:
F.105'
F.1D2.5D
Ilk NL 82 88-92
— 2BSp
F.lOO —
F.102.50, 264
F.105
F.105, 195
5.40 F. 104.20 •
10 NL 82 86-89
C F.lOO
~ |«Ip
- 'J94p
C FI 02. 50
104 NL. 82 86-89
C ‘ F.lOO
C F. 102.50-
1.30 • -
— . 200
— • - F.201.20
November
February
(Incorporated in England under the Companies
Act 1948-2980 — No. 1583018)
BANKING DEPARTMENT
Placing by Montagu, LoebI, Stanley & Co.
of 812,500 ordinary shares of lOp each at
SOp per share payable in full on acceptance
Liabilities I
Capital
Public Deposits a
Bankers Deposits
Reserve and other Accounts. 1
14,563,000
45,400,726
513.372,205
1,870.748,564
2,638,798
23.694.931
67.464,427
2.444,074,499 : — 88.520,560
Copies of the prospectus are available
during usual business hours on weekdays
(Saturdays excepted) up to and including
(23rd August 1982) from
AnetS I
Government Securities I
Advances & other Accounts j
Premises Equipments other Secs. ;
Notes.
Coin
464,601,796
1,509.308.540
4c3.74A.105
20 , 101.200
520,854
5,519,999
210,157,409
516,160,597
14,010,868
8,241
2.444,074,493
- BB, 320,560
Corporate Finance Department,
Montagu, LoebI. Stanley & Co.,
31, Sun Street,
London, EC2M 2 QP
or ring Graham Lewinstein
on 01-377 9242
ISSUE DEPARTMENT
Notes Issued - !
In Circulation j
In Banking Department
Assets
Government Debt i
Other Government Securities I
Other Securities— !
10.900.000.000
10,873, 698.600
20 , 101,200
14,010,868
14,010,868
11,015,100
2.980.330,130
.7,908,664,770
825.472.617
526.472.617
Barclay* (C)
Barclays (cl
Barclays ipi
Barclays ipi
Barclays ip)
Imperial ici
I mperial Ici
Imperial tp>
Imperial ip)
imperial tp>
Laimo (cl !
La a mo ici
Lasmo (c)
Laamo ip>
LasmO ip)
Lasmo (pi
Lonrfio (c)
Lonrho fc)
Lonrho ip)
Lonrho (p)
P & O ic)
Raoat ici
Racal id
Racal ip)
Raca) ipi
RTZ (cl I
RTZ (« |
RTZ (er
RTZ (Q) i
RTZ (p)
RTZ (pj
RTZ (p) ,
RTZ fpt
Veal fits. lo
Vaai Rfs. ici ,
Vaal Rfs. Ici ;
Vaal Rfs. ici I
VaaJ Rfs. (pi .
May
- '373p
- 557p
- 87p
12
10 ■ „
- :155p
515p
6 . „
- 424p
ABN C
ABN C
ABN P
ABN P
AKZO C
AKZO P
AMRO C
AMRO P
HEIN C
HON C
HEIN C
HEIN P
HOOG C
KLM C
KLM C
KLM C
KLM P
KLM P
NEDL C
NEDL C
NEDL P
NEDL P
NEDL P
PHIL C
PHIL C
PHIL C
PHIL C
PHIL P
PHIL P
RD C
RD C
RD C
RD P
RD P
RD P
UNIL C
UNJL P
F-36D’
F.280
F.260
F.280
F.2S
F.25
F.40
F.40
F.55
F.60
F.65
F.60
F.17.50
F.80
F.90
F.lOO
F.80
F.90
F.lOO
F.1IO
F.iOO
F.110
F.120
Oct
52 3.50
45 1.40
55 10.50
50 27.50
47 ■ 1.10
45 0.70
F. 14.30
F.S5.50
- 7
8 A —
F20 5
F-22.50 60
F^5 694
F.27.50 -
F.22.50 -
F.25
F.80 1
F.90 6
F.lOO
F.80 45
F.90 10
F.lOO 40
F.ISO 32
F.140 10
- F.24.40
*.WB F.B5J20
3.53
- F.150.30
'H il l
BASF C
SI EM C
DM.120
DM.S20
TOTAL VOLUME IN CONTHACr3 6.608
dmt:.s 0
;OM2».U
10,900.000.000
_ Z :-r r
-.nri
;5‘T P
K-._ %
V,- N
Financial- Times Friday: August 20.-1962
Companies and Markets
COMMODITIES AND AGRICULTURE
T
t New cocoa
agreement
urged
THE Ivory Coast Agriculture
Minister has called for a new
international cocoa agreement,
the official daily newspaper
Fratemite-Matin reported-
■*' Mr Denis Bra K anon asked
rthe UN Conference on Trade
' and Development to start
. negotiations on the proposal.
The Ivory Coast is not a
: member of the 1980 agreement.
•Mr Ayo Oshinfbi, secretary
general of the Cocoa Producers’
* Alliance, said the agreement
had “never played a positive
- role,” Fratemite-Matin reported.
• FARMERS were warned to j
. take extra care when loading ;
and working in grain silos fol- :
.* lowing reports that 12 people |
“drowned” in gain In the UK I
■'in the last five years. One death
oecured when a boy was sucked
- into a grain silo as a lorry was
- being loaded.
AUSTRALIA’S sugar-market-
ing agent, CSR, has approached
Japanese sugar traders over a
new supply agreement.
The existing lS-month agree-
ment expires at the end of this
. year and cover? sales of 700,000
. tonnes of raw sugar.
"• U.S. Congressional Budget
Office revised She cuts in agri-
culture programmes over the
‘next three years from $7bn to
?6.5bn. the House and Senate
■ 4 Agriculture Committees said.
' The difference is a revision in
cuts for dairy price support
programmes.
• MALATSLA is prepared to
• hold back some 350,000 tonnes
of natural rubber from the
world market over the second
• half of the year, primary indus-
: tries Minister Mr Paul Leong
said yesterday.
• PHILIPPINE coconut prices
-were expected to recover slightly
next year, Mr FeUx Dueuas,
coconut authority administrator
:said.
r« WEST GERMANY demanded
.that Denmark respect European
.Community fishing rules and
give the West German deep sea
'.fleet a fair share of cod fishing
-off west Greenland.
Government official Herr .
Lothar Ruehl accused Denmark .
7 of ignoring vital West German ;
•■fishing interests.
ease as
falters
by john edwards; commodities editor
THE surge in Metal markets
on Wednesday ran out of steam
yesterday. . .
Prices were generally easier,
i as profit-taking selling came in,
and trading activity fizzled
out.”
Traders said " the markets
were pausing for breath to see
■whether the vote in . Congress
on President Reagan’s proposal
to raise taxes would bring a
further reduction in interest
rates.
Meanwhile, there is consider-
able uncertainty as to whether
the higher price levels can be
sustained. Higher-grade cash
copper lost £11.5 to £844.5 a
tonne; cash lead £6.25 to £302.5;
and cash zinc £4.5 to £421 a
tonne.
Precious metals showed little
change with the rise in gold
■being halted by the setback in
the stock markets. 1
Nancy -Dunne in Washing-
ton writes: Rules which would
limit foreign participation in
the Coraex Clearing Association
are being considered by the
Commodity Futures Trading
Commission.
Two amendments are pro-
Indonesia likely to take
hard line on coffee quota
JAKARTA — Indonesia is ex-
pected to take a hard line over
its request for an increased
coffee quota.
Trade Minister Radius
Prawiro has left for Brazil to
seek support for an increase
in Indonesia’s International Cof-
fee Organisation quota before
the ICO meeting in London on
September 6.
The Minister and his 12-per-
son team, including foreign
office officials and the head of
the state trading agency, Mr
Bust a nil Arifin, will also visit
Columbia and the Ivory Coast
on the way to London.
Mr Arifin has warned that
Indonesia might cut off its $15m
a year imports of sugar and
soyabeans from Brazil if
demands for an increased coffee
quota/ now at 138,000 tonnes,
are not men
Indonesia, where coffee pro-
duction is expected to reach
345,000 tonnes this year, says
the ICO is biased towards Latin
American producers.
Central American coffee pro-
ducers of the ICO’s “ other
Jnilds ” category will start a
two-day meeting in the Domini-
can Republic today to exchange
views ahead of the London
meeting.
In Rio de Janeiro, meanwhile,
traders put Brazilian coffee
crop potential at 30m. to 35m
60-kllo bags in 1083 if the wea-
ther remained normaL
The Brazilian coffee institute.
IBC, has estimated the crop this
year at 17.6m bags and the 1981
crop at 33.7m bags.
Bacon-curer FARMER ’ S viewpoint
calls in D onr rl no
posed by the clearing house for
its by-laws. One would preclude
foreign persons or entities from
becoming clearing house mem-
bers, and the. other would pre-
vent American branches of
foreign banks from becoming
approved original margin
depositories.
The proposal to ban .foreign
members from the clearing
bouse would have no immediate
practical effect. Foreign com-
panies with incorporated U.S.
subsidiaries are exempt from
the rule.
The association had only one
member to which the amend-
ment applied and the member
voted for the new rule and
resigned, saying it would clear
through associated companies.
The amendment barring .
foreign banks from qualifying ,
as original depositories would
permit banks currently
approved as depositories to
retain that status. It was pro-
posed, according to Mr Fred
de Feo, so the association could
be certain that the banks met
capital and surplus funds
requirements.
receiver
By Our -Commodities Staff
HILLEER’S Bacon-Curing Com-
. pany of Nailswortti, Gloucester-
shire, has called in the receiver.
Mr Bill Newton-Claire is
chairman of the company. He is
also chairman of fhe Bacon and
Meat Manufacturers’ Associ-
ation and former chief execu-
tive of FMC, Britain’s biggest
bacon carer. .
Hillfer’s is one of Britain’s
oldest-established meat com-
panies. It was registered in
1865 and began operating from
Nailsworth in 1919.
At one time, the company’s
■workforce reached about 250.
hut this was cut severely when
its slaughtering operation
closed in March. At present it
employs 140 people.
Britain’!} meat industry has
suffered serious problems for
some time, partly because of |
excess slaughtering capacity
and partly because of the effect
of the recession on consumer
demand.
U.S. boost for
Zimbabwe
sugar industry
By Our Harare Correspondent
THE U.S. has doubled
Zimbabwe's initial quota of
sugar exports for the yeaT from
October 1, to 36,000 tonnes.
Zimbabwe had hoped to
increase its exports to the U.S.
from 87,000 tonnes to 100,000
tonnes this year, but the imposi-
tion of quotas based an past
performance put paid to that
hope.
• However, the extra tonnage,
sold duty free at the high U.S.
domestic price, will increase
significantly the sugar industry’s
foreign earnings.
Mr Ken Fleming, general
manager of Sugar Sales, the
national marketing body, said .
the 'doubling of the U.S. quota
was a ■‘welcome boost” on top
of the EEC's 25,000 tonne quota
agreed in June.
After supplying the U.S. and
EEC and Botswana at prefer-
ential rates. Zimbabwe's sugar
industry will stiii bave to export
about 115.000 tonnes at current
world prices, which cover only
60 per cent of production costs.
for pig and
WHICH two of the following
are the odd ones out? Beef,
sheepmeat. pork, poultry meat,
cereals, milk products and
sugar.
The answer: pork and poultry.
The remainder benefit from the
open-ended guarantee systems
of the Common Agricultural
Policy, while pig and poultry
farmers are on their own. Yet
they represent an important
part of British farming, and the
national diet. The latest Meat
and Livestock Commission
figures show that supplies of
beef and sheepmeat, about 1.5m
tonnes for 1982, will be
exceeded substantially by
2.019m tonnes of pork, bacon
and ham. and poultry meat.
Pig and poultry fanners have
good reason to feel aggrieved.
Not only do they receive
virtualy no direct aid to support
prices, but their production
costs have been inflated by the
intervention support for feed-
grains.
To rub it in further, the
sheepmeat regime means that
Iambs being sold now are sub-
sidised by a deficiency payment
of about 40 per cent of a
farmer's total returns, and beef
by a smaller deficiency pay-
ment. The situation for pig and
poultry fanners was not helped
when the latest EEC price
review granted cereal farmers
a further 8.5 per cent in support
prices.
Some relief from this extra
burden has been the importa-
tion of cheaper cereal sub-
stitutes. But moves are afoot to
limit or even reduce these
imports. In any case, British
compounders, coming late into
the EEC, have been slow to
take full advantage of these
substitutes.
This unequal treatment stems
from the foundation of the Com-
mon Agricultural Policy. The
originators realised that pigs
and poultry numbers could be
increased much more quickly
than beef or sheep and so
avoided the trap of firmly
guaranteeing their prices.
However, the original propo-
sals suggested that the pig and
poultry situation could be con-
trolled by manipulating the
price of cereals. Cereal prices
could be reduced if overall num-
bers fell unduly, and rice versa.
This proved too difficult in
practice, and was followed by
a svstem of denaturing wheat by
adding a dye or fishmeal so it
could be sold more cheaply as
animal feed.
This was dropped too, mainly
because traders in some coun-
tries had been quite unscrupu-
lous about actually denaturing
the grain. This cheating, I
might say, did not happen here
to my knowledge, mainly
because the British are law-
abiding to a fault in these
matters.
A pigmeat guarantee system
worked in Britain before its
members top of the EEC. This
included a cut-off point when
slaughterings reached a certain
level. Nevertheless the system
lent some stability to the mar-
ket and farmers look back to
it now with considerable long-
ing.
The pigmeat market has also
been protected to some extent
by disease restrictions which
are Still operating against all
Community countries except
Denmark, although Dutch pork
may get the all-ciear one of
these days.
Margins in pig production
are under pressure and the prob-
lems of the large integrated
poultry sector have been well
publicised. Both industries are
efficient Without these two in-
creasing output, consumers
would be short of protein food,
now the expansion of cheese
consumption appears to be slow-
ing. However, the two sectors
are weak politically because of
the relatively low number of
farmers involved.
There were in the UK in 1979
(the latest figures I have) more
than 100,000 farmers with
World wheat output increases
BY TERRY POVEY
WORLD WHEAT production in
the last decade has risen by
more than 100m tonnes accord-
ing to statistics published by
the International Wheat Coun-
cil (IWC).
Total output for the calen-
dar years 1971 and 1981 is
given by the IWC as 355m and
460m tonnes respectively.
Developing countries, however,
managed to only increase their
share of the total by a small
amount, from 18.6 per cent to
20.2 per cent, ten years later.
World consumption is esti-
mated as having risen by
slightly more than production,
from 349m tonnes to 461m —
thus the last decade has seen
cereals; 67,000 dairy farmers,
86,00 with beef cows, 80 , 000 - with
breeding sheep, 28.000 with
breeding pigs and a mere 2,200
with broilers.
Cynical pig and poultry
farmers say that Ministers and
the Commission take their cue i
from the numbers affected
when setting guaranteed prices.
This cynical view is hardly
fair, bearing in mind the speed
with which pig and poultry can
be multiplied — the original
reason for not giving open-ended
guarantees.
There have been suggestions •
that there should be a return
to the national scheme used
before Britain joined the Com- i
munity. But that is ruled out J
by EEC regulations and prob-
able refusal by any British .
government.
Denaturing grain could be a 1
starter if common sense were ,
to prevail. This year, between \
4m and 6m tonnes of grain<
mainly feedgrain. will be es<
ported by the Community at. a
heavy cost, with subsidies o£
between £35 and £50 per tonne. •
The problem here is that any i
lowering of feed grain prices i
would make it cheaper to pro-
duce milk and so encourage <
further dairy output .
John Cherrington
wheat trading double, up to
99m tonnes in the crop year
19S1-32.
Prices paid for wheat, using
the IWC’s weekly indicator
price, varied in the decade from
an annual average of 892 per
tonne in crop year 1972-73 to
S191 per tonne for 19S0-S1.
The highest weekly average
price reached in mid-February
1974 was 8226 per tonne. The
average annual price was 8153
per tonne over the nine years
for which complete figures were
available.
Eastern European wheat pro-
duction over the same decade
fell as a proportion of the total
(from 44.2 per cent in 1971 to
37.8 in 19S1) although it
increased absolutely by some
17m tonnes to reach 174m
tonnes by last year.
This increase failed, however,
to keep pace with Eastern bloc
demand for wheat and there was
a consequent steady increase in
its imports.
The block of centrally-planned
states. Including China. Cuba
and Vietnam, increased their
wheat imports from 17.9m
tonnes in 1975-76 to 36.1m in
1980-81. The most dramatic
increase was recorded by China,
whose international purchases
rose from 2.3m tonnes six years
ago to almost 14m tonnes last
year. 1
India’s tea
exports
fall sharply
By P. C. Mahanti in Calcutta
INDLVS tea exports for the
first six months of 1982 totalled
only 66m kilos, down sharply
from the Him kilos exported
in the same period in 1981.
Tea exports last year were a
record 245m kilos, and the
Indian government had ex-
pected a similar amount this
year, particularly since world
supplies are running at a 'low
level following output fails' in
some major producing coun-
tries.
The sharp fail has caught
both industry and government
officials by surprise. Now they
hope to push domestic tea con-
sumption
LONDON OIL
SPOT PRICES
„t i Utoet H- or —
'crude OIL- FOB ((ptrbaml)
Arabian Light.- JS0.80-31.00. + 0.13
Iranian Light 29.00 [-0.37
- Arabian Haavy -88.70 . ,—0.05
: -North SaalFortiM)..l38.00 1+0.08
Afrhwi(Bonny U'trt):33.50 1 + 0.08
“PRODUCTS— North Wort Europe
CIF (f par tonnaj
-' Premium gasoline.. 330-332 1 —
flam oil.... 281-290 ! -
Haavy fual oil 1165-157 . +0.5
GAS OIL FUTURES
Reports that Iraq had bombed f.harg
Island produced a higher opening, but
an unchanged and quiet physical market
brought prices back to the lows. Trade
buying, raised prices to close at the
highs. _raports_ Premier Man.
Month 'Veafday'B,- -for'; BtninaM '
Montn 1 close • — • Dona
BRITISH COMMODITY MARKETS
DACE* lUl C*T A I C month 777.2c. up 4.8c. The met
OAOL IVtELIMUa ooened '■« 4Q2-404O fB93-6S6cl an
August. ' 293.00
S«pt. ' 285.00
Oct- : 287.50
$ U.S.
par tonne'
293.00 .+ 1.75395.00-80.60
285.00 I 1.75 285.00-83.50
287.50 1+2.00 !B7JO-Bfi.DO
BASE-METAL PRICES lost ground on
the London Men I Exchange owing to
profit-taking. COPPER fell to £8*8 and
dosed at 1849 while LEAD was finally
£312.75 and ZINC C428.5. ALUMINIUM
cloeed at £578 5 and NlCKtt et £2,787.5.
TIN moved- narrowly prior to ending
the day at £6.327-5.
month 777.2c, up 4.8c. The metal
opened 'at 402-404p f693-696c) and
closed at the same level.
SILVER | Bullion j+ orj L.M.E. | + or
par 1 fixing — j p.m, i —
troy ox, price Unoffics'l|
Lumpur oi 197.75 (same) cents a kg
end SMR 20 170.5 (same;.
PRICE CHANGES
AMERICAN MARKETS
No. I j YeatVys Previous • Business
In tonnes unless otherwise stated.
I B0.50 50.7030.10-M.70 -
, Aug. 19 i + or | Month
, 1962 — ago
NEW YORK. August 1%
Capper— Aug 63.75 (63.35). Sept
63 90-64.000 (63.50). Oct 64.55. Oc C
65.80-66.00, Jan 66.60, March 67.50.
May 68.80. July 63.95. Sep 71.00. Dec
72.75. Jan 73 35. March 74.50, May
75.65. Sales: 7.500.
Pork Bellies — Aug 97.70 (05 70).
Feb 81.80-81.80 (7980). March -79.42-
79.42, May 75.47-75.47, July 7180-
72.00. Aug 70.40.
tSoyaboans-— Aug 571'- (5721. Sepr
558*7-558 (9611,1. Nov 505-564. Jan
5 77»j-577V March 532‘,-59S>-. May
Trlr uct di.buoi.0U3I.cu-ji.su,
3 months.H413.66p k-I.70-412.6p f-3.65 Oct-Dee! 52.10-52.'I> 52.10-62.50 . 52.20
Potatoes (round whites)— Nov 85. 5 603*.-603. July 614, Sept 614.
• a.m. i+ oi
COPPER J Official —
p.m. ■.+ or
Unofficial! -t
Nov I 2B9.GO | + 1.5B'269.00-87.60
Dec i 290.75 i + 2.00 220.75- BB.76 Hlohe . da
Jan ! 290.75 : +0.76 290 JO-90.0D g*®™*™ 0
Fab.. / BB8-90 *0.50 -
March 287.75 .-4.25 ffttt l e m ’*1
April 2 85.00 i-3 .00 1 gSSSU I
Turnover: 1.347 12,551) lots ol 100 Gaslit I
tonnes. * months
i £
1 £
£
041 -.5
(-1 :
i 844-5
3 mths
840.5
-f
-1
051.5-2
Sattlem't
Cathodes
841.5
-2
806-8 I
811-5
826-7 =
-2
830-2
Settlem’t
808
-2
—
UJB. Prod.
1“ 1
•70-76
6 months.k22.60p WJ.SS — ......
12monthw44S.80p 1+4.50- — _ j
LME— Turnover: 159 (1361 lots el
•10.000 ors. Morning: three months
413.5. 13.0. 13.5. 14.0. 14.5. 14.7. 14.5.
14.0. 13.8. 14.0. Kerb: three months
415.0. Afternoon: three months 414.0.
13.5. 13.0. 12.5. Kerb: three months
411.5. 11.0, 11.5.
COCOA
Futures continued to trade within a
narrow range as commission house
short-covering kept prices quietly
steady. Actuals business remained
Amalgamated Metal Trading reported narrow range as commissior
r _ _ , , - I,,,, ,i, - -that in itie morning cash higher grads short-covering kept prices
GOLD MARKETS traded at EB43.00. 42.50. 42.00. 41.50. steady. Actuals business i
’..**"*. three months £847.00. 48.00, 49.00. 48.00, scarce, re ports GiM_andJ5vifTus.
Gold fell" SI to S356fvl571 in gold bar vrasflxed at the equiva- ^^nths ^c&ts.oo, 49.50 . cocoa ,fY ° cfose** *)+ or (e
•the London bullion market yes- lent of S356.50 per ounve, against 50.00, 49.50. Afternoon: Higher Grade 1 —
-terday. It Opened at tile ditf'S S352.75. three menihs £343.00, 49.00. 52.00. a per to nne] 1
-low of S354i-355, and was fixed In Zurich gold finished un- ELOO. si JOUCnb: Higher ««Pt- 1 885-86 1 - 2.0 ,
-at S35&25 -in the morning, and changed at SS5M58. SK. « m^fbo. TuS ?A c _l ! 2" I
Month
-terday. It opened at tlie day's S352.<5.
.low of S354J-355, and was fixed In Zurich gold finished un-
. at $356.25 in the morning, and changed at $355-358.
^ $356.65 in ibe afternoon. Gold
r touched a peak of S35S-35S*. LONDON FUTURES
In Paris the 12 j kilo gold bar
. was fixed at FFr 78,700 per kilo Yest T r djy J si+or I Business '
^<$351.80 per ounce) compared Month 1 close j — Done
"with FFr 78,700 ($351.79) in ■ - — — 1
-the afternoon, and FFr 77,300 ,£ .gSn« y ‘
.‘($348.82) Wednesday afternoon. August <206 ,oo-b.oO|+i.5oo' -
: In Frankfurt the 12i kilo bar ^ 75
iwas fixed at DM 28.640 per kilo
•($357.98 per ounce), against D ecembarlZ 12.50 4 . 50 .-D.MDI 218.00
3dm 28,150 (($353.99) previously. January... ,.2 -
Sand closed at $3561-357$, com- -*_«»byary. J gi6.^-a.5a J1 o^_--
Spared with $357-358. Turnover 7S7 (419) lots of 100 troy
• in Luxembourg the 12$ kilo ounces.
[ £ per troy I
-ounce
three months £848.00, 49.00. 52.00.
52-50, 52.00. 51.50. Kerb: Higher Grade:,
three months £851.00, 50.00. 49.00,
48-50, 48.00. 49 J)0. 48.50. 49.00. Turn-
over: 44,650 tonnes.
T a.m. ,+ or p.nu |+or
TIN ! Official I - 'Unofficial ’-t
High Grads £ 1 £ i £ i £
Cash- ; 6990-5 -2.5 l 6970-80[-f5
5 months 6940-50 -T7j 6930-45 --12.5
Sottlam'U 6940 -10 , - ......
Standard!
.
'rYerterday'si
-
COCOA
Close 1+ or
Business
£ per tonnel
Sept
..I 885-86 1-2.0
890-80
Dec
„.i 928-29 ,-3.0
932-25
March.....
,.| 962-63 1.0
964-58
May
.. 682-83 ,-1.5
984-80
July
1001-02 |-1.0
997
Sept.
..I 1020-21 |-1.0
1020
Dec
..1 1042-44 1+1.5
1043
Jan-Mar; 54.50-54.80 64.BD-54.70 I 54.60-54.50
Apl-Jnei 57.00-57.20.57. 10-57.10 ' 67.JO-i7.10
JJy-Sept 59.50- 59.70 '5 9.70- 59.80 . 59.50-59.60
Oct-Dec; B22D-S2J0.B2.M-62.40 I 62.30-62,20
J'n-Mchl 84.80-84.70,64.60-64.70 64.70-64.60
A pl-Jne I 66.80-6 7.6067. 10-67 .40 I —
Sales: 266 (ISO) leu of 15 tonnes;
ml (nil) lots 01 5 tonnes.
Physical closing prices (buyersj were
Spot 49.7ap (49 50p). Sept 51.00p
(50.75p). Oer 5i.25p (same).
SOYABEAN MEAL
The mo/kot opened in quiai condi-
tions. reports T. G. Roddick. Price*
cams under pressure in mixed selling.
YfcJterdysl +or 1 Business
■ Close ! — ! Done
Metals ,
Aluminium £310 816 £010:815
FreeMkt. SS56.B85 -10 -.$960, -990
Copper. • I
Cosh h srad e... .£844.5 — ll.5-J5864.75
166.5). Feb 65.7 (66.5). March 74.5.
April 85.2. Sales: 195.
TSilver— Aug 728.0 (717.0). Sopt
723.0- 733 0 (770.0). Oct 741.3. Dec
743.0- 752.0. Jan 754.0. March 763 0,
May 782.0. July 796.0. Sept 810.0. Dec
5 mths '£851.75 -12.25 £832.75 830 0. JBn 838.0. March 852.0. May
Sales: 1.706 (2.499) lots ol 10 tonnes.
1C CO— Da,ly price lor Aug 19: 71.55
I £ 1 Wol
Iper tonne 1 Zlnr
August. ' — . — I — 5
October 120,50-20.7 — □ JO 121.60-20.10 Pr
Dae I 1 22.70-22.8 —0.80 123.80-22^0
Feb 126,50-26.8.-0.06' ISl^D-SB.fiO
April 127j0-27.8i-O.55. - pl£
June 129.00-S9.S-0.35 1 126 JW
August. mjja-32.5 — ! —
Sales: 146 (163) lore of ICO tonnes. pn| r
SOYABEAN OIL — Prices opened soai
Coah Cathode.. £312 .-8.85 £842
3 mths £531 -10 !£862
Gold troy 03.....S357 — 0.5 S55C.5
Lead Cash. £302.5 -6. 23 '£5 15.6
5 mths £313.25 -5.75 £326.25
Nickel £4023 £4080
Free mkt aaa-ESSr+i ,22Bi2Seo
Platin' mtr ozV £260 £260
Free mkt. £171.25 -r 1.6 :£173.1S j
Quicksilver? ... $350/5/0 : S360i370
Silver troy OZ... 403.95;- +2.1 |39a.80p
3 mths. 415.65* -rl.7 '409.4DP
Tin Cash |£6B75 1+5 i£6332.5
3 mths £6922.5 [-2.5 '£6502.5
Tungsten2SJ)lbiSl 11.43 ! IS111.18
Wolfrm22.4l0bsS10l.-106 I ISI07/I1Z
Zinc Cash i£421 '-4.51W11
3 mths £428.75.-4 [£417.75
Producers. ...SBOO fBoo
Coconut (Phil) S410x , 8465
Groundnut | : 1 ' ;
Linseed Crude- *1 ; . .. . i
Palm Malayan l5395y | + 2.5 ,5402.5
Seeds 1
Copra Ph fip ... *275 ..S310
Soyabean 1U.S.1 S233.9y h 3 .5256
Grains !
Barley Fut. Nov l£l 08.90 + 0.20 £108.90
Maize j£l 36.00 £157.00
Wheat Fut.Now£ll4J25 U0.26l£ 113.40
NoJJHardWintl ; | ;
Other
commodities- 1 1
Cocoa ship't* £969 -3 £920
Future Dec'£928.5 -3 £804.5
Coffee Ft' Nov!£ 1177.5 i-2 ;£ Li 08.5
Cotton A.Jndex.'75.40e —0JS'79.10e
Gas Oil Sept 1S2B5 I + 1.75.GSB4.25
Rubber iKiloj...‘49.75p (-0.26t49.25p
Sugar (Rawj....!£S9st -1 UC109
Woolt'pa Ws W.]3B0|> kllo!-2 |5B8pkiIo
t Unquoted. xAuo-SeDL vJuly-Aug,
y Sepr. t Ocr. t Per 16 lb flask.
• Ghana cocoa, n Nominal.
1 + 2.5 ,5402.5
Indicator price for Aug 20: about unchanged and drifted in lack-
standard!
Cash [6985-90 -7.5 6970-80^5
3 monthd 6930-5 1-12.5 6920-5 -2.5
Settlem'q 6990 r 10 . - J
Straits E.i»89.16 - , . —
NewYorK 1 — : -- I
Tin— Morning; Standard cash £6.990.
70 42 (69.53).
COFFEE
Following a E20 retracement futures
recovered in active trading, reports
D rare I Burnham Lambert. Good trade
and commission house buying lifted
80. 85. three months £6.943. 35. 30, 35. va |ue, before Isle dealer profit-tak
Kerb; Standard three months £6.935. 30.
Afternoon: Standard three months
£6.920. Kerb: Standard three month e
£6.330. 20. Turnover: 1.415 tonnes.
eroded the gains s lightly
merer 'Ye*t*day 9, + or Business
COFFEE .- CIoM , _ : Oone
; Aug. 19 i_
: Gold Bullion (fine ounce)
Setose ,53 58 3 57 1| (£206*4-207 iar
asssr-aftf* tasftg * ; Uiz.io *
(£207.186)
^Morning fixing... . S3 56. 25
■Afternoon fixing. 5356.05
-5350l*-351l2
ib352.10
,5367.75
(£207-207 is)
|£202 ^-20341
(£203.5021
(£206.613)
a.m.
!+ on
K.tn. !+ or
LEAD OffiolaJ
1 “ 1
Unofficial) — t
£
Cash 300-.5
.L-J. 1
£ | £
302-3 1-6.25
Sept. 1332-23 1- 5.0
Nov. 1175 76 [-2.0
January ... ! 1074-75 —3.5
March I 1009-10 -6.0
Gold Coins Aug. 19
SKruamd 836714-368 (£213fl3Ji)
Si Krug *189-190 i£109>a-110i
•U Krug 596 97 (8W^-W>4)
^1/TO Krag *39-40 (£22 14-23 U)
-MapJelea, *35714^6814 (£2 13-2 13 J 2 ]
ZNewSov i£49 s 4«50 | 4i
(£2 13-213 la) [King Sov
i£ 109 >a-110 >«) .Victoria Sov 5B8I3-90 'AoIm-oZ)
if55)fl-56iil ^French 80s S76S4-7fli4 i£44tz-48i
I50 WMMOX. S4!3>2-437!4i£151i*-256**)
1100 Cor. Ault 534BU 24B-,
IS20 Eagles S6SO-5S5 (£23614-229)
i PUBLI C NOTICES
‘ CLWYD COUNTY COUNCIL
jL 2 mfllUxi Bills isseed 17. August 1982
SSr 16 Mownber 1982. Averin* rare of
pa.754373. AppIKatloiis C14 minion.
•Bills ouEsandlmi £10 mlliloa.
! . CITY or BIRMINGHAM .
„ BONDS
J40TIC8 is HEREBY GIVEN ' Owt the
JtONO REGISTER will • be CLOSED from
flit Sentemba- to 30th Swrembre 19B2.
both dates leduslve. tor twr Prenaritfon
<or interest due 1« October J9BZ, JAB]N
I City TtMMrre*
•City irourtr'i Deoartment,
■Council House. ~
TWritimaham BS SAB. j
ART GALLERIES
«ALE»E GEORGE offers unique
*ment opnonunlties with
• CoHsctora Plea lw«h I nwrest V ee crrdW .
! EXHIBITION of Fine English sftd Cond-
‘ nental Paintings end Wsrereotours 1820-
. 1920. 66-98. George 5L. W1. .
LOTYRE GALLERY, 30, Bruton Sr_ W1 .
1572T“xy*kNTURY WORKS
« OF ART. Mon-FrL 10-5. - ■ -.
aWKrraCMAPEL ART GALLERY. El- 377
■ 0107. Tub* Aldgare Best. To s«tt. SIR
• CHRISTOPHER WREN. Suo.-Frl- 1 1-5J0.
• Tlmre. to 7 JO. ei. SsL * 29 4 M Au9-
' AdmlnkM £1 (EOp) free cMIdrw «, Mem-
| days 2-5.30. I
BUSINESS
FOR SALE
FDR SALE
MACHINE TOOL
MANUFACTURING & PRECISION
ENGINEERING BUSINESS
East Anglia
Exceptional Plant
23,000 sq. ft. Leasehold
Apply Ref: C.J.C.D.
BO/51 High Holborn
London WVC1V BEG
Tel; 01-405-8411
3 months) 310.5-1— 2A I 313-.5 l-fiJK>
Settlem’t 300.5 1-3 ' .
U^. spot — I *98-8 I --
Lead— Morning: Cash £302.50. 300.00,
three months £313.00, 12.00. 11.00.
10.50. Kerbs: Three months £311.00.
12.00, Afternoon: Three months
£311.00. 11.50. 12.00, 13.00, 14.00.
Kerbs: Three months £314.00. 13.00.
13.50. 13.00. 12.00. 12.50. Turnover:
31.675 tonnes.
j am. '+ or: p.m. '-4-or
ZINC | Official | — [ Unof fldall — t
I £ i S j £ £
Cash ;416^5-.6 -6.67 420.5-1.5 — 4J
3 months) 424-.Z6 .-5,12! 428^-9 [—4
S'ment... 416.5 — B I —
Primw'tal — 1 1 37-40.5 I
Zinc— Morning: Cash £416.50, three
months MS .00, 25.50, 24.50, 24.00.
Kerbs: Three months C425.00, 26.00.
Alternoon: Three months £425.00, 25.50.
26.00, 27.00, 37,50, 27,00. 23.00, 28.50,
29.00, 2B.50. Kerbs: Three months
£428.00. Turnover: 13.900 tonnes.
i j j j
Alumlnmi a.m. ,+ ori p.m. +or
| Official ] — lUnof ficiell — t
’ 1 £ { £ 1 £ I £
Spot I S55-6 1-7.5 560.5-1.5 ‘—i
3 monthsi 574-.6 -7.75' 583.5-4 ;-«5
l ___ I
Aluminium— Morning: Cash £555.50.
three months £578.00, 75.00, 75.50,
75.00, 74.SQ. -Kerbs: £575.00. 76.00,
76 50. Afternoon: Three months
£575 00, 74.50, 74.00,- 73.50, 76 00.
77.00, 78.00. 79.00, 78.50, 79.00. Kerbs:
Three months £578.00. 79.00, 78.00.
77.50. 78.X. Turnover: 71,075 tennes.
NICKEL sum. + orj p,m. i+or
Official — Unofficial; —l
1330-00
1183-63
1083-61
1014-999
986-75
960-50
July . 957-45 —4.5 | 960-50
Sept- . . . 950-45 1-7.5 ■ -
Sales: 5,318 (7.4481 lots of 5 tonnes.
ICO Indicator prices (or August 18:
(U.S. cents per pound); Comp, daily
1979 119.03 (1)7.78): 15-day average
716.10 (115.79).
GRAINS
The market opened steadier on
wheat and unchanged on barley.
Continued trade buying kept prices
firm until jobber liquidation, hedge
selling and profit-taking pared gains,
Acli reports.
]Yesterd'ys| +or [Yest'rdys'l + or
Sept. I 110.00
NOV..! 114.25
Jan. J 117.95
Mar J 131.35
May.J 124.55
July..: 127.50
lustre conditions. Close and bustnoss
done (U.S.S per remne)- Aug 400 0.
432.0. untraded: Oct 4290. 431.0.
untiaded: Dec 434.0. 436.0. 437.0-4J5.0;
Feb 440.0. 441.0, 441.0, April 444 0.
446.5. united ed; June 450.0. 470 Jr.
untraded; Aug 455.0. 475.0. unrrqdod:
Seles: 32 (17) lots of 2S tonnes.
SUGAR
LONDON DAILY PRICE— Raw sugar
£33.00 <£100 .00) a tonne cif Aug-Sept-
Oct shipment. White sugar daily price
£113.00 (sumo).
Keen selling at th£ -opening soon
satisfied buying interest ot the uvor-
mght levels and prices declined.
Therealter Trading was confined within
a narrow range, reports C. Curnskow.
No. 4 Yesterday Previous Business
Ccn- close close 1 done
tract i
£ per tonne
Oct iI06.85-BS.Sfl 1B7.25 07.5D 109.26-06.40
Jan 110.00-15.00 MO.OO-1S.BO. -
March 121.75-21.60 121.65-21.75.124.00 21.00
May ’125.00-25^0 124.65-24.70 125.75-24.00
Aug.—. 128.50-29.00 : 126. 15-28.50 128.60-27.70
Oct— ..1 151.25-61.701 16 1.00-61.50 131.76-31.00
Jan..; ] 153.00-36.001 162.0O-5S.35 _ — _
Soles: 3.311 (3,338) lore of 50 tonnes.
Tata and Lyle delivery price lor
granulated basis wh»ie sugar v/as
£405.90 fsamo) a fwine for heme trade
and C04.00 (£205.0) lor expert
International Sugar Agreement (U.S.
cents per pound) lob and stowed
Caribbean parts. Prices for August 18:
1 866.0. Handy and Harman bullion
spot: 634.00 (703.00).
Sugar — No 11: Sept 7 20-7.24 (7.05).
Oct 7.40-7.42 (7.23). Jan 8.00-8.10,
March 8.56-3.59. May 3.33-8.85. July
9.03-9.05. Sept 9.35-9.40. Oct 0.40-9.50.
Sales- 6.376.
Tin— 656.00-558.00 (558.00-562.00).
CHICAGO. August T9.
Lard — Chicago loose 22 25 (same).
Live Cattle — Aug 67.50-67.60 ( 64.47).
Oct 65.25-5.30 (65.12), Dec 64.60-64.70.
Feb 63.25-63.35. April 03.70. June 63.70.
Auer 62.00.
Live Cattle— Aun 67.50.67 60 (67.47).
Oct 62.25-62.35 (61.77), Dec 59.90-
60.00. Feb 57.70-57.80. April 52.80-
52.90. June 51 JO-51 .30. July 49.60. Aug
47.35.
SSMaiie— Sept 223-2231. (225 M. Dec
227V 227’, (231*4). March 243*4, May
263. July 25BV Sept 260.
IJSoysbean Meal— Aun 154 0 (165.5).
Sept 162.5-162.3 (163.6). Oct 162.6-
162.8. Dec 167.6-167.8. Jan 17D.5-170.2.
March 173.5, May 178 0. July 1S2.0-
1S2.5, Aug 181.0-181.5.
Soyabean Oil — Aug 17.18-17.21
(17.40). Sept 17.25-17.24 (17 43). Oct
17.39. Dec 17.63-17.68. Jan 17 95-17.99.
March 1B.25. Mav 13.53. July 18.95.
Auq 18.S7-18.90.
tWheat— Scot 343-343** (345). Dec
384*i-265 (366*4). Maich 283-3S2»i, May
38814-338',. July 386*4. Sept 393*4.
WINNIPEG. August 19....
SBarley— Oct 10.22 (10.30). Dec 10.20
(10.28). March 10.49. May 10.72. July
10.86.
SLVheat — SCWRS 13 5 per cont pro-
tein content cif St. Lawrence 222 05
(221.30)
All cents per pound ex -warehouse
unless otherwise stated. * 5 per troy
ounce. 9 Cents per troy ounce.
It Cents per 56-lb bushel. t Cents
per CO-ib bushel. || S per short ion
(2,000 lb). 5 SCan per metric tan.
§§ S per 1.000 sq It. t Cents .per
dozen, ft S per metric ton.
Wednesday’s closing prices
-3 £920
-3 £884.5
+ 1.75.S2B4.25
1-0.26 |49.B5p
NEW YORK, August 18.
tfCocoa— -Sept 1362 (1353), Dec
1442 (1420), March 1505. May 1543.
July 1581.
Coffee-—" C Contracts Sept 134.0S-
134.24 (132.78). Dec 127.25-127.40
(125.70). March 119.25-119.50. May
113 50-113.75. July 108.00-109.00, Sopt
105.00-109.00. Dec- 104.00-104.75. Seles;
2.770.
Cotton — No. 2: Oct. 65.10-65.20
(64.74). Dec. 67.25-67.40 (66.79).
March 69.90. May 71.60. July 73.10.
Oat. 73 75-74.00. Dec. 74.60-74.80.
Sales- 7.000.
Heating Oil — (cents per U.S. gallon):
Sept. 30.25 (63.10). Oct. 90.96-91.15
(89.65). Nov. 91.20-91.60, Doe. 91.95-
92.20. Jan. 92.55-92.60, Feb. 92 40,
March 89.80. April S9.35. May 88.60.
•Platinum— Oct 296.0-297.0 (277.1)’.
Jan 304.5-305.1 (285.61. Apl 313.0, July
319.0. Oct 323.5. Sales: 4.S63.
CHICAGO. August 18. .
Chicago Imrr. Cold — Sept 360.5-360.3
(347.0) . Dee 369.3-368.8 (356 0), March
278.8. -June 390.8, Sept 339.1,
(—0.26(49
|-i Lei
#!— 2 |5B
EUROPEAN MARKETS
i->-0.5fl 105.20 1 + 0.10 Caribbean parts. Prices for August 18:
; + 0 , »! Daily P rice ®- 74 (6 56); 15-day average
+0.251 112.55 1+0.10 am nm\
+0.301 115.55
; 7 0.55, 118.55
'+OA -
Business dona — Wheat: Sept 111.20-
110.60, Nov 114.50-114.20. Jan 118.15-
117.75. March f2T.35-I21 05. May tiM.SS-
124.45. July 127.60-127.50. Sales: 294
lots of 100 tonnes. Barley: Sept 105.35-
6.99 (7.01).
WOOL FUTURES
BRADFORD — Ths market continued
extremely quiet despite some price-
cutting. Pricer, continue to be
depressed with crossbred qualities
generally duvrn by one or two pence
INDICES
FINANCIAL TIMES
Aug. 18 Aug. l'T firth ago-Y'arago
234. 88.225 76 ' 254,66~ | 3 66.27
(Base: July 1 1852 <= 100)
REUTERS
Aug. 79 Aug- 18'M'th ago Y’ar ago ■
1 SS4. 5 ,1654.8 f 1558.9 1711.2
(Base: September 18 1931 ■> 100}
MOODY'S
Aug. 18 ' Aug. 17 j M'th ago Y'aT ago
_ 993.2 i 985 .7 , 1015.0 1 065.0~
(December 31 1931 = too)
DOW JONES
Dow . Aug I Aug [Mont if: Year
Jones lfi 17 Ago I ago
Spot 122.72 i20.35ixae.73l -
FutFo ;126,39, 123,00(127,7 5i -
(Base: Dacembor 31 1974 = 100)
ROTTERDAM. Auq 19 cent afioai 201. Aug 202. Sept 200
Wheat— (U.S S per tonne): U.S. No. 2 Oct 201. Nov 203. Dec 206. Nov-March
Red Winter Sept 145; U.S. No. 3 Amber 209 OT tellers: Pellets Bracrl unloading
Durum Sept 164. Oct 167.50. Nov 172. 199 75 traded, alitui 30;. Aug 304.
Dec 176. Apnl-May 184; U.S. No. 2 Sept 207. Oct 274. Nov-Mjrcn 229
Northern Spring 14 per cent Sepr 171.50. sellers.
Oct 173. Nov 177. Dec 181.50: Canadian
Western Rod Spnng Sept 195.50.
Maize— (U.S.S per tonne); U.S. No. 3
Yellow Aug 114. Sepr 108. Oct 105.50.
Nov 106, Dec 108. Oct-Dec 106.75.
Jan-March 115 sellers.
Soyabeans — (U.S.S per tonne): U.S.
Tow Yellow Gulfports Aug 230.25. Sept
227.50. Oct 223.90. Nov 223.90. Dec
229.10, Jan 235. Feb 238.10. March
241.40. Apr.l 242.90 sellers.
Soyameal — (U.S.S per tonne): 44 per
PARIS. August 19
Cocoa — |FFr per irg kilos): Sent
KWh/TCS?. Doc 1096/1110. March 1156-'
1163. May 1303 1219. Jufv 1232'724Q.
Sent 1355/1375. Dec 1295/13C5 Sales at
cell: ml.
Sugar — fFFr per tonne); Oc: 1367 /
1365. Nov 137Crtjjp i d cc 1417/1421,
March 1550/1560. May 1590/16CO. July
161R/1625. Aug 1645/1655. Oct 1650'
1700. Seles at call: ml.
(+4.96). GB— Pigs 71.51 p per kg !w COVENT GARDEN— Prices for 'the
f+1.85). buIL of produce, in sterling per pcck-
GRIMSBY FISH — Supply good. otberw.se stated,
demand good. Prices and ship's side ^ W 1 ^
(unproceaMd) per atono: shell cod 70 7 w e « 5 '??n 4 f « 30, ,« J'l?'
£6.00-E?.00. codlinas E4.00-E5.00: lame 6 - M - , 5.K.
haddock £4.40-£5.50. medium £3 30- cm c ^ Sr “ 11 ' « cm
f-. rm « en.i*j in- i-i.n* Tambors — S. African: 48 6.00.
105.20. Nov 109.05-108.80, Jon 112.60 wnh larger falls in finer descriptions
only, March 115.70-1 15. 65. May 118.65- and merinos.
118.50. Seles: S51 lots of 1M tonnes.
HGCA — Locational e>-:aim spot
prices- Other nulling wheet- S East
110.90, S. Wesi 110.10, VV. Mids
109 00. Feed barley: S. East 99.10,
S. West 39.50, W. Mids 99.80. N. V/est
SYDNEY GREASY WOOL— Close (In
order: buyer, seller, business). Austra-
loan cents per lg. Oct 525 0. 527.0.
527.0-525 0: Dec 529.0. 530.0. 520.5-
529.0; March 535.0, 537.5, untraded;
May 540.0. 542.0, 540.0: July 547;0.
potatoes
100.40. -The UK Monetary Coefficient ^ , Jn ^deJ. ' Oh' 539.0, 5VL5.
for the waol umraded; Dec 543 0- 545.0. untradad.
August 23 is exDeetefl to remain e , - n
unchanged.
LONDON GRAINS — Wheat: U.S. Dork J®*
SToK ^7, s % ~ jifttfir at
CLUBS
IVB h« QrtHv«*-th* othtre beesuw or- a
no i lev or fair slay and value for money- ,
Strew from 10-3.30 am. Disco »M too I
■ musicians, Bl* moron* basreases. eacitina ,
LAxmbaws. 189. Regant SL 01*734 0557. i
TRAVEL
the SUM SHINB
alt the tunc In I** West Indies
We nave a selctnon of 100 t an d ually
crewed boats that we have personally
SiM WW In Antipua and St.
VIMCTL We have coloured BhMowapns
0 f the boats and crews and will be
uoov to Q-ve and arrenoe travel.
Prises from «6 per head per day.
Rina or mire to IV*r£k Boyd. Canwar
g. Hiebotswi Yacht Awicy, 16,
tUomn sucet. London fWTP ADD.
T?01-821 1641 or Teleir 918078
NICLON _
Nickel-Morning: Three months A?g^3fi!oO, C Sepi ?£» SSw SS % 41* 5 «W
£2,730. Afternoon: Kerbs; Three Afrrean Whlw/Yello* Aug-Sept 85.00 D« 416.^419. ntl. J P n 416.
months £2.790. Tumavar: 744 tonnes, seller. Barley; English Feed fob Aug
104.50. Sept 107.50. Ocr-Dec 113 CO
ell l/CD East Coast sellers. Rest unquoted. flOTTOW
LONDON POTATO FUTURES— After
an initial fall, priceg lifted in very
quiet conditions, reports Coley and
Harper. Closing prices: Nov 56.50.
-0.10 (high 56.50, low 56.00): Feb
66.20. +0.SO (high 85. DO. low 65.50);
April 77.00. +40.40 (high 77.00. low
7C.00); May 87.00, +0.50 (high 87.20.
lo« 86.10): Nov 63.40, +0.60 (66.00
only). Turnover: 181 (210j lots of 40
tonnes.
Aug 345. 357. nil; Oct 357, 359. nil;
Dee 3B2. 388. 383: Jan 385, 389. 388-
MEAT/FISH
haddock £4.40-£5.50. medium £5 30-
£5,03. small C1.GO-E3.2D: large plaice
£4.30-15 30. medium f4.20-KJXJ, best
small C4.0O-C4.S0; skinned dogfish,
medium £11.00: lemon soles, -large
Cl 0.00, medium £9.00: rackfish £2.00-
C3.10; reds E2.S0: soirhe fl.8O-C.8O.
English Produce: Potatoes — Per lb.
now 0.03-0.03*-. Mushrooms— Per ib.
. open 0.60-0.70. closorf 0.80-1 .00 Lettuce
—Per 12, roundj. 20-1 60. Webb’s 1.20-
2.0. Cos 1.50-2.40. Onions— Per 55-lb
40/80 mm 2 00-2.80. Spring Onions—
Per bunch, 0.05-0.09. Pickling Onions
—Per 55-lb 2.00-3 00. Leeks— Per 11 -ib
1.30-2.00. Prime Cabbage — Per 25-Jb
! 1.20-1.50. Cabbages — Per 28/30-lb
! Whire/Red 2.C0-2.50. Formal— Per 5-lb
1.50. Carrots— Per 28/28-lb 0.KM.4Q,
per bunch 0.C&-O.10. Courgettes — Per
12 -Hj 0.60*1.00. Cucumbers— Per pack-
age 1.00-1.80. Tomatoes — Per 12-lb
box D/E 1.00-1.40. Cauliflowers — Per
12 Lincoln 1.50-3.00. Celery— Per 18-35
winter crop 3.00-3.30. Stick Beans—
Per Ib 0.06-0.10. Pumpkins— Per lb 0.10.
Ellendotos— S/A S4's 6.W. Lemons—
spame: Travs 5-kg 25 -’50 1.20-1.50:
Oiuspan: 15*--kti 90-195 3.00-S.50.
Grapefruits — S dfncun- 27 4 SO, 32
5.95, 36 5.10, 40 5.90, 48 5.40. 5b 5.50.
54 5.05. 72 4.32 Ruby same as White.
Apples—' Tasmanian; Granny Smith
4.00- 10 00. Sturmet Pippins 8 00-3 00;
Australian: Granny Smith 3 50-10 00.
Democrats 5.00-7 00: Now Zealand:
Sturmerc 7 00-8 50. Red Douahorty
5.00- 7.00, Granny Smith 10.00-10.50 S.
African: Cranny Smith 6.00-10.00, Yqiii
Imperials 3-00-4.50; u.S.: 18-).g Red
Dahciouc 10.00-14.W; Spani < ;li:- Golden
Delicious 4 5D-5.M: French- 18-lu
4.60-5.00. 9-kg 2 40-2.60. Pears—
French: 25-lb loose WMams 3.20;
Italian; Tray packs. Dr Guy or per
pound 0.12-0.15. Williams 0.1<W).1S;
Spanish: Per pound Williams C.15-
0.18. Peachta— Italian: Lorge trays
1.00- 3.20; French: 1.40-2 20. Plume—
Spanish: Santa Rosa 7,50^,80;
Italian; Belies 20-Ib 2.30-3.00. Srenlcy
Nickel— Morning: Three months
£2,790. Afternoon: Kerbs: Three
months £2.730. Turnover. 744 tonnes-
SILVER
Stiver was fixed 2.1 p an ounce
higher for spot delivery m the ‘London
bullion market _ yesterday ei 403.S5p.
U.S. cent equivalents of the fuunq
levels were; spot 696.2c. up 0-2c;
three-month 712.9c. down 0.2c: six-
month 721.2c, down 1.2c; and 12-
RUBBER
The London physical market opened
unchanged, attracted little interest
throughout the day end clcsed dull.
Lewis end Feat recordod a September
lob price lor No. 1 R5S in Kuala
COTTON
UVERPPOL— Spot and shipment sales
amounted 10 23d tonnes. Renewed
1 merest was ahown in a number ol
varieties, end users appeared to ignore
the constant decline m average values.
Minor replenishments were fiaed up in
African and North American qualities.
SMITHFIELD — Pence per pound —
Beef: Scotch killed sides 78.0 to 83-3.
Veal: Dutch hinds and ends 119.5 to
123 O. Lamb; English smell 6 0.0 to 65.0,
medium 58.0 to 62.0, heavy 54.0 to 58.0:
Scotch medium 53.0 to 56.0. heavy 50-0
to 54.0: Imported: Now Zealand PL 59.0
to 60.0. PX 57 0 to 58.0. Pork: English
under 100 Ib 34.0 to' 52.0. 100-120 Ib
40.0 to 51 0, 120-160 Ib 39.0 to 48.7.
MEAT COMMISSION— Average Far- [
stock price? ot re present si 1 vo markets.
GB — Cuttle 97.64p oer kg Iw (+0,38)-
Nt arrows — Por ho* 0.50-0.80. Sugar 20-fb 3.01-4.00. Gaqes— French: 9-fcn
Pees — Pw Ib 1.00-1.20. Turnips — Per 2.20; Spanish; S-kp 1.30.2.00. Grapes
28-lb 1.40-1.60. Swedes— P bt 28-lh 1JQ- —Cypriot: 11-lb Cardinal 2.60. Sultonj
1.40. Psrsnlps — Per 28-ib J.00-2.50.
Apple* — Per lb, Bremloy 0.14-0.16.
2 80-3.00. Thompson 4 20-4.40. Gold
4.00. Alohonso ? 80-4.00; Itahan:
GB — Sheep 12S.46p per kg est dew I — Each 0.05-0.10.
Grenadiers 0.08-0.10, Discovery 0.14- RoglnJ 2.60; Spanish; 6-kg AlphpriBO
0.22. Howaate 0.10, Derby 0.10, Georoe Lnvalleo 2.60 Litcbnos — Israeli; 8-or
Cave 0.10-0.12, Tydemen’s 0.14-0,22. 0.75. Apricots— Hunaari.m; B-kg 2.00.
Strawborriw— Per 8-01 0 M-0.70. Block- Nectarines— Italian: 2 5fM.W. straw-
berries— Per 8-oz 0 15-0 20. 'Blueberries' berries — U.S. l2-« 1.50. Melons—
— Per 8-01 0.60. Raspberries — Por 4-oa Spanish: Yellow 10-kg 3.00-3.60;
0.60-0.80, Plume— Per ib Victoria 0.20- French: Charenims IQ/15 4.00-7.00:
0.25, Caors 0 10-0.12, Bell’s 0.15-0.20. Dutch: Ogona 6 00-7 00. Water-Maiona
Gages— Per lb 0.10-0.15. Com on Cob "-Spanish: 16-kg 4 00; Italian: 4.Q0-
— Each 0.05-0.10. 5 50.
.18
= . Companies and Markets
Financial Times Friday August 20 1982
(
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INTERNATIONAL COMPANIES and FINANCE
Peru’s balancing act aims to please banks
GOVERNMENTS of poor Latin
American countries like Peru
must be acutely aware of their
vulnerability in the Inter-
national banking community to
fall-out from the grave crisis
in Mexico's financial affairs.
“Nobody feels, comfortable
with anything in Latin America
at the moment," one senior
Western monetary official said
this week. “So much depends
on Mexico."
The monetary authorities in
Peru, however, are hoping to
minimise -the impact of Mexico's
crisis by keeping the banks’
attention focused on an austere
domestic monetary programme.
Mr Brian Jensen, general
manager of the central bank in
Lima, says the bank is pleased
with the progress of its “ efforts
in the monetary field.”
Until the Mexican crisis, at
least, there was every sitm that
international bankers were con-
tent to let the programme firmly
underpin Peru's credit. Sixteen
banks, all of them lead man-
agers. met in San Francisco on
Tuesday to sien a $350m credit
for the republic which has been
an undoubted success in the
syndication market:
This week has also seen the
arrival in Lima of ap observer
team from the IMF, which will
review the progress of the
economy since June. The team's
conclusions will be keenJv
awaited.
Peru signed a letter of intent
with the IMF in June which
secured it 650m SDR (8702m - )
over the next three years under
an arrangement akin to an. ex-
tended standby facility. It
received the first 20m SDR in
June, and is entitled to another
SLhn SDR before the end of the
year.
It has also received from the
IMF a compensatory financing
facility of 200m SDR since
June, but' this is not Included
in the central bank's accounts
as a capital inflow. Added to
reserve assets, but also repre-
senting a reserve liability, the
200m SDR is available to assist
the balance of payments, but
docs not affect the net reserves
position.
These are the IMF fruits of a
monetary programme with
clear and rather daunting aims.
The government's budget de-
ficit is to be cut by half for
19S2, from 8.3 per cent oE GDP
last year to 4J2 per cent, or
about $lbn.
Inflation was officially 30 per
cent between January and June,
and is being attacked by a
severe squeeze on money supply.
Total cash and current account
balances actually fell 6 per cent
in the first half of the year. The
banks’ reserve assets require-
ment was at the same time re-
duced to allow a 9 per cent
growth in real terms of credit
to the private sector.
The projected 1982 balance
of payments deficit is $100m.
Yet this assumes that zinc,
copper and silver prices stay at
about their present levels and
Peru's exposure to fluctuations
President Fernando Belaunde
Peru’s monetary authori-
ties are hoping to under-
pin confidence in the
country's credit stance in
the wake of the Mexican
crisis by keeping the
banks’ attention focussed
on the country's austere
domestic monetary
programme. Duncan
Campbell-Smith, recently
in Lima, finds that the
bankers, with certain
caveats , agree with
Peru’s optimism
In the metals sector remains
critical, as the recent past has
demonstrated cruelly.
A 5 cents per pound gain in
the copper and zinc prices can
add S40m and S53m a year re-
spectively to Pent’s export
revenues. Mr Jensen says. A SI
change in the silver price
translates into a ?40m swing.
Foreign borrowing needs are
still set at 31.4bn from govern-
ment and public agencies and
Sl.lbn from commercial banks
— a limit tihat Mr Jensen
stresses will definitely not be
exceeded. It also happens to be
the limit laid down by the IMF
on how much Peru can borrow
this year under repayment
terms of 10 years or less.
A 5300m credit syndicated In
January with a spread over the
London interbank offered rate
t Libor) of i per cent was not a
success. The latest credit,
assembled with Wells Fargo as
agent bank, carries a 1J per
cent spread over a six-year
maturity and met a good enough
response for the amount to be
increased at the outseL Of the
S350m total. Sl22.5m was sold
down in the- market-place.
After raising another. S50m
in smaller credits; Peru is now
scheduled to borrow _ S400m
more over the rest of t Jus year.
The central bank is comment
enough, and points out that this
week's S350ra credit had a
longer list of participatory
banks than any other South
American credit so far this year
—even though British banks
excluded themselves from the
deal in view of Peru’s public
alignment with Argentina over
the Falklands.
Other leading bankers to Peru
appear to concur with the cen-
tral bank's own optimism—
though with three ringing
caveats. .
First, they say. some effort
mav be required to stop Mexico s
-debacle from frightening away
those smaller banks whose par-
ticipation is still essential to
fulurp Peruvian loans. A slight
increase in the interest spread
mav be needed.
Second, in the words ot one
banker (himself a Peruvian),
••the important thing is that they
stick lo their monetary and fiscal
policies— if they abandon those,
they’re last."
Third and surely most proble-
matic, Peru must be able to con-
tinue balancing a harsh econ-
omic programme against the
political realities of President
Fernando Belaunde's democra-
tic government, which has given
Peru a general stability since
19S0.
It looks the kind of balanc-
ing act likely to be required of
more than' one Latin American
borrower in the next year or so.
GTE agrees joint venture
with Brazilian utility
BY ANDREW WHITLEY IN WASHINGTON
GTE. the U.S. telecommunica-
tions giant, has divested itself
of its Brazilian subsidiary,
formerly the leading supplier
of single-line telephones and
other telecommunications equip-
ment in Brazil.
A new joint venture. Multitel
SA. has been established in con-
junction with a regional electric
power utility in the state of
Minas Gerais. The privately
owned utility. Cataguazes. also
controls a range of other indus-
trial manufacturing, and service
companies.
GTE said a major reason for
the move had been the
Brazilian Government require-
ment that all telephone equip-
ment be manufactured in
Brazilian-owned plants.
O’nvuares will make an un-
specified cash investment and
have a 51 per cent rita reholding
in the new company. GTE, will
transfer -ail the assets and
obligations of its subsidiary’s
telecommunications operations
to Multitel.
Orher details of the merger
are scarce. GTE is unwilling to
reveal the capitalisation of the
new company or the price paid
by .the -Minas Gerais group for
the take-over.
GTE do Brasil was established
in Sao Paulo in 3969 primarily
to assemble telephones, and key
systems. More recently it has
moved into the production of
miniature microelectronic cir-
cuits. •
It is clear from the set-up of
the joint venture, that GTE is
not abandoning entirely its
major South American markets,
GTE management is expected to
have a big say in the running
of Multitel, which w*II also be
dependent on its U.S. partner
for technotsical support. GTE
do Brasil will continue to exist
as a separate entitv
Mixed trading experience
for leading U.S. retailers
BY OUR FINANCIAL STAFF
SHARPLY LOWER second-
quarter profits are reported
by Federated Department
Stores, in marked contrast to
other leading U.S. retailers.
Earnings fell 40 per cent,
from 536.2m to S21.5m, leav-
ing half-year profits 34 per
cent lower at 550.6m against
576.9m in last year’s first
half.
Revenues advanced 6.2 per
cent in the six months to
$3-25bn from S3.06bn
Per share earnings were
SI. 04 against S1.59 for the
six months and 44 cents
against 75 cents for the
second quarter.
<8 After s. disappointing first
quarter, May Department
Stores lifted second-quarter
earnings to S20.Gm or 70
rents a share from 519.9m or
67 cents a share.
First half profits were
S 32.1m against S36.2m last
year, or 51.10 against 52.23
a share. Sales totalled SL53bn
against $l-47bn for the six
months and S 792.1m against
S757.5m for the second quar-
ter.
• Mercantile Stores looks set
for another record year with
second quarter profits advanc-
ing from $S.2m to $10J2m or
from 51.39 to $1.73 a share.
This lifts first half profits to
S19m from 516m or to S3.22
from $2.72 a share.
Sales for the half year were
S587.7m against S526.9m and
for the quarter were 5312.3m
against 5208.7m previously.
® Lucky Stores, which derives
more than half its profits from
supermarket operations, is
finding the going tough with
second quarter earnings down
to 514.8m from S18.4m and
first half returns down to
831.3m from 538.7m.
Hade Development Bank Holding S.A.
Half year results 1982
•Consolidated net earnings after tax rose 5% to
US$ 3SJ. millio n, compared with the same period
last year.
•Deposits increased by 31% to TJS$ 32,036 nriflion.
•For the first time, Group capital funds exceeded
US$ 3,000 million.
• The Group's reduced loan portfolio and increased
liquidity reflected a cautious approach to the pre*
sent economic envir onme nt:
•Erst half earnings of the Group’s 6l9(rowned US
subsidiary. Republic New York Corporation, fell
by 12% to US$ 27.0 million due mainl y to quiet
precious metals trading conditions and restraint on ,
fending. This was more than compensated for by
the performance of the rest of the Group.
tomer base and by careful attention to die matching
of interest rate periods.
Tnfpmn consolidated balance sheet as at 30thjune,1982
r
30th Tune
30 tfajrmc
A
Assets
3982
TBS 009
1981
US$000
Idabflfties
3982
US$000
1981
US$000
Cash, balances and advances
to bwks
Precious metals*
jpJnanrial paper
Government and monidpal
bonds (USA and UK}
floating rate bonds
Other bonds and securities
Customer current accounts and
advances
Investments
Fixed assets
Accrued interest recrivaHc
Other assets
fonnordsoUs
3S82:XJS$ 1,832,000
2231; US$3,977,000
1931 figures have been restated _
to confana with 3982 picseo&tiQii*
5&V7T
154,487
2 , 433,563
401,456
752,750
851*841
yssi&s
30,701
10^019
237392
58^00
13,423326
3,891958
928,624
88,495
3311*208
387,106
4L6J329
458,881
2 , 843,234
17,106
87,938
184,435
14&71S
to
ctcsfarneis and inner resetves
Accrued interest payable
Other liabilities
land loan funds;
funds due;
from one to two years
£»m two to five years
from five to fifteen, years
Mfeority interests
Shareholders’ funds: ■
Reserves
10361,732
and guarantees
12,035,995
358,790
$6>m
&90&4
265337
12^847
3233 L 201
^483318
2,674
61,089
2 X 6,035
149,685
263^85
10,441
17^482
237346
134105
172 , 65 Q
24jX34k
374419
24810
318360
399,253
343,770
^ 092,125
878394
13,423326
10361,712
492,410
513365
1981
coded 30 th June
gamings gfiiep fcroqy minnrtty inteteatS
and traasfec to inner reserves (lK$ GOO);
38&t
3&40
Eamu^jttskas;
US$230
l
US $220
A wmge nmitbe!: of ^hatES oatSfalKliffi^
Jming tbs period
igsSMw i&is&a
Trade Development Ban&v Geneva ■ RepnhlicNaricmalBaiiRofNew^bi^ NewYbik
Other affiliates and offices ia: Athens, Beirut, Buenos Aires, Caracas, Chiasso, Frankfort; Geoige Town, HoqgKon&
London, Los Angeles, Lnxembourgi Mexico City, . Miami, Mbnfc Carift Matevideo, Nassau, Jknama Coy, Bari*
*pnnf<> dpi Tfctej. Rib tie Janeiro. Santiago ds Chile, Sao Panin, Singapore, Tokyo, Zorich.
Optimism at
Miele despite
slower sales
By Junes Buchan in Bonn
MIELE. the privately owned
West German manufacturer of
household appliances and farm
machinery, sees good prospects
for Us business in 1982 despite
slower growth in sales in the
year up to end June.
The company said _ yesterday
that sales grew by 4.3 per cent
in 1981-82 to DM l.B4bn
(5660.6m) against a rise of 10.9
per cent in the year before.
Yet despite the extremely
weak market for white goods in
West Germany, which has
helped drive Bauknecht and
three AEG subsidiaries into
settlement proceedings this
year, Miele saw its local turn-
over decline by only 2-3 per
cent. It did not need to shed
capacity at its domestic plants.
Meanwhile, a strong perform-
ance by Miele's 17 foreign sub-
sidiaries brought foreign^ sales
up 14.4 per cent to DM 7a9.3m.
They amounted to a full 46
per cent of total sales in
1981-S2.
5 Grundig group turnover rose
around 19 per cent in the first
seven months of 1982 to
DM I.TTm, the company said. It
showed an unspecified profit in
the period and still expects 10 ,
achieve its goal of a DM 200m
Drofit this year on turnover of
DM 3.5bn.
For the year ended March,
1982, Grundie reported a net
loss of DM lS7m on sales of
DM 2.77bn.
Occidental
begins
tender for
Cities
By Our Financial Staff
SHARES in Cities Service
rose $4 to $411 yesterday
morning as Occidental Petro-
leum began Its cash tender
offer for 49 per cent of the
company at $50 a share.
Occidental confirmed that
following completion of the
offer, it would seek a fall
merger between the two com-
panies. It had still not
decided, on the form or
amount of the terms to he
offered Cities’ shareholders
for the rest of their shares,
but said the consideration
would probably consist of
securities of Occidental or
possibly those of Cities
Service Itself, rather than
cash.
Uncertainty about the form
and eventual outcome of the
bid explains the big gap
and the tender offer. In the
between Cities' share price
week and withdrew on Tues-
offer which it proposed last
day, Occidental planned to
finance the second stage of
the acquisition with zero
coupon notes and preferred
shares which appeared to be
worth significantly less than
850 a share.
In addition, the market has
to discount the Cities 1 share
price to allow for the time
delay involved to a foil offer,
and also to allow for the risk
of any anti-trust odjectiotts
These seem relatively
slight, given the modest level
of Occidentals U.S. reserves.
Dealers still bear the scars,
however, of Gulf Oil’s deci-
sion to drop its- $63 a share
hid earlier this month follow-
ing" the intervention of the
Federal Trade Commission.
Occidental’s offer is not con-
ditional On any minimum
number of shares being
tendered. The proration
period will expire at midnight
on August 28, and the offer
Itself will expire on Sep-
tember 16 unless Occidental
decides to extend its terms.
Floor Corporation
issues SlOOm bond
BY PETER MONTAGNON, EURPMMBCET^
FLUOR CORPORATION
launched a 8100m. seven-year
14 per cent bond at par yester-
day in the Euromarket as prices-
of seasoned Issues slipped back
slightly from Wednesday’s
peaks.
The bond, which -is led hy.
Morgan Guaranty, was the only
new issue. Other borrowers still
appear to be holding back in
anticipation of more favourable
conditions to come especially
in view of the low level Of
short term rates.
Dealers said yesterday’s falls
in the secondary market rep-
resented a technical reaction to
the very sharp upswing of
recent days. There was some
professional profit-taking, but
a feature of the market yester-
day was the relatively mild
correction to prices.
Dollar bonds fell by around
f points os average, 'which sUH
leaves them about ti points up
. on the week.; Siwnnath .Earth
dollars rose f pofef yssterday
to Hi.
Continental bond markets
were unchanged . 40^ slightly
weaker. In Germany the World
Bank is arranging a DM 200m
20-year, 9 per cent bond at Sac
through Deutsche Bank* .
The Province of Qaefeoc ls
arranging a Y20bh. 10-year 8.7
per cent Samurai bond at par
through Nomura Securities.
In SwteeriaiaL the SWFr
100m. 10-year bond for Electri-
city de France was priced with
a coupon of 6i per cent at par
as previously indicated by lead
manager Union Bank of Switzer-
land.
Gmpo Alfa creditors to
be told of $323m loss
BY OUR EUROMARKETS CORRESPONDENT “V
1
GRUGO INDUSTRIAL ALFA
the ailing Mexican industrial
conglomerate suffered a group
consolidated loss of pesos
153bn in the first half of this
year, according 10 a document
prepared ahead of a meeting of
creditors today.
The figure compares with a
loss of pesos 5.86bn far the
whole of calendar 1981. At the
exchange rate prerailing on
June 30 It amounts to 5323m.
The document says the figure
includes a foreign exchange
book loss of some pesos 14.4bn
resulting from the devaluation
of the Mexican currency last
February. This has been
charged to the profit and loss
account.
At end June the peso stood
at 48 to the dollar, but its
Plunge since then — yesterday
the free market rate opened ar
120-130 — has only exacerbated
this problem for Alfa and other
Mexican companies which were
heavily borrowed in ILS. cuiv :
rency; -
Today's meeting in London
involves holders of ' its S?5m
floating rate Euronote, who re
being asked to consider a 1
wiver on covenants requiring
the company to maintain cer-
tain financial ratios. Alfa is f
currently engaged in resebedul- <
ing debt 5 of S2«3bn owed to 1
foreign creditors. f
Fending the reschednhng the ,
eompnay has stopped making 4
payments on loans lo commer> :
rial bnks, but earlier tihs month *
It said it would. conti hue to ser-
vice the notes subject to study.
The original prospectus for
the floating rale' note set a limit
of 2,5 for Alfa's rtio of total
liabilities to net woraft and of
2 for the ratio of consolidated
liabilities to net worth, but
according to the document the
first ratio was 3.79 and the
second 4.66 at June 30.
FT INTERNATIONAL BOND SERVICE
The list shows the 200 latest international bond issues for which' an adequate secondary market
exists. For further details of these or other bonds see the complete list of Eurobond prices which
will be published next on Tuesday September 14.
N. AMERICAN
QUARTERLIES
H. F. AHMANSON
1SB2
1381
Second quarter
5
S
Revanuu
.... 508.3m
332.1m
Net orolits
.... t13.16m 114.97m
Net per share
.... 10.55
tO.63
Six months
Revenue
.... 973.2m
747-Bm
Nei orolite
.... t55.55m 112.89m
Net per share
12.34
tO. 54
J t Loss
ASSOCIATED DRY
GOODS
1882
1981
Second quarter
S
S
Revenue
... 709 2m
589.3m
Net profits
... 5.24m
3.33m
Nat per share
0.28
0.20
Six months
Revenue
... 1.35bn
1.04bn
Naj prolits
... 5.71m
7.68m
Nat par (hire
0.31
0.50
| CAMERON IRON WORKS f
1981-82
1380-81
Fourth quarter
S
S
Revenue
... ZST.Sro
253.2m
Net profits
... 26.83m
32.43m
Net per share
... • Ofi
1.07
Year
Revenue
... 1.15bn
923.0m
Net profits
... 152.6m
109 9m
Net per share
5.02
3.62
DILLON COS.
-
1901 -BZ
1960-81
Fourth quarter
S
S
Revenue
... 732.4m
656-7m
Net profits
... 14.6m
13.6m
Net per share
... 0-00
0.74
Year
Revenue
... 2.82bn
2.49bn
Nat prolits
... 50.6m
40.4m
Net par share
2.76
‘ 2.21
| HARRIS CORPORATION 1
1961-62
1360-SI
Fourth quarter
S
S
Ravsnue
457.6m
422.5m
Nat profits
.. 14.39m
25.28m
Net par share
0.46
0.81
Year
Revenue
.. 1.72bn
1.55bn
Nat profits
.. 75.55m
1C3-9m
Net par share
2.42
3.37 j
| LOWE'S COS. J
1962
1661
Second quarter
S
S
Revenue
.. 231.6m
268-Sm
Net profits
.. 8.5m
7.66 m
Nat per share
‘ 0.43
0.39
Six months
Revenue
. £06 .3 m
488 6m
Net profits
.. 1-1.73m
9JfJm
Net per share
0,58
0.51
1 RANGER OIL !
1982
1681
Six months
S
$
Revenue
78.8m
106 -Em
Net profits I
7.5m
12.0m
Net per share
0.12
OJO
U.S. DOLLAR
STRAIGHTS
Aetna Lile 15 88/97 ...
Amax Jnt. Fin. 18^ 92
Aiwex O/S Fin. 89
ATT 14-* 89
BaMr Ini. Fin. 0.0 92...
BHP Finance 14’ 4 89...
Bk. Artier. NT SA IS 87
Bk. Montreal 14S 87 ...
Bnue. Indo Suez 13 89
British Co). Hyd.. 89
British Col Hvd. 15*j 32
Canada U«, 87
Canadur J5>r 37
Canadian Pac. 1«^ 92
Can. Paq. Sac. 15 89...
Carolina Power J6H S3
C1BC 16 67 100
Cmeorp O/S 15 84/92 100
C.iicors O/S TSH 85/37 125
CNA 15», 97 75
Con. Illinois 15% 89 ... 100
Duke Pwr. O/S 15*, 89 60
EC5C 14«. 87 (April) ...
EIB 15», 89
El 5 15’, 92
Efesportfinana 14 s , 89 ...
Gen. Elec. Credit 0.0 92
Gan. Elac. Credi* 0.0 S3
Gacty Oil Ini. 14 89 ...
GMAC O/S 15V 85/97
GMAC O/S Fin. 15 89
GMAC O/S Fin. 15 S7
Gull Canada Ltd 14». 92
Gulf Oil 14V 94
Gull Oil Fin. 0.0 92 . .
New Brunswick 15V 87
Naw Brunswick 18V 39
Nava Suntia Pr. 15V 59
Onrario Hydro 14V 39 ..
Pac. Gas & EL 15> 2 89
Phillies Patrol 14 89 .
f?.J. Hynlds. O/S 00 92
Saskatchewan 16 89 ...
Shell Canada 14V 92 ...
Soam 55V S7
Superior O/S Fin. 14 89
Swed. Exp. O. 15V 89
Swod. Exp. Cr. 14V 90
Swod. E*p. Cr. '■ 0.0 34
Texas Eastern 15V 89. .
Union Car hide K»« 89
Walls Fargo Int. 15 87
World Bank 14V 87 ...
World Eank 15V 68 ...
World Bank 15 87 250
World Bank 15 88 160
Change on
Issued Bid Offer day week Yield
150 104V 105V -OV +2V 13.07
103V 103V +OV +3V 15.45
100 100-- -0V +3*i 14.14
705V 105V “OY +2V M.SS
28 Z8V +0V +1’* 14.21
99V 99V — 4»j +2-V 14.82
96V 97 0 +4V 12.32
99V 100V +2V -MV 14.45
100 100V -0V +3V 14.89
103V 103V +OV +4V 13.84
105V 105V ~0V +3V 14.17
104V 105 — 0-i +AV 12.95
703V 104V +0V +2V 14.14
98V 99*. +0V +4V 14-77
96V 98V +0V +2V 15.21
106 W7 — ©V +1V 14.60
100 100V -0V +1V 16.83
101V 102V — OV +2V 13.42
103V 103V +1 +2V 13.71
105*, 106 -OV +5V 14.84
96 s , 96V -OH + IV 18.52
103V 103V -IV +ZV 14.62
103V 103V -OV '+4 13.65
105V 105 +CV +4V 14.04
105V 106V -OV +5V 14.34
101V 102V -OV +3V 13 97
30V 31 -OV +3V 1353
27V 27V -1 +2VB.14
103V 103V -OV +3V 13.14
102 102V -OV +2V 14.05
103V 103V -0 s . +3V 14.15
103V 103V +1V +3V 13-83
102 J02V +0V +4V 14.28
102V 102V -OV +3V 13.75
MV 31 -OV+3V 13.16
102V 102V +0*, +3V 14.46
106V 106V TlV +3V 14.53
99V 100 +OV +3V 15.30
10*V 104V +0V +4H 13.66
102V 102V -OV +QV 14.82
101V 101H -OV +3*i 13.63
30V 30V -TV '+2V 13.31
104V 105V 0 +3 14.70
101V 101V +0V +3V 14.02
105V 105V -OV +3V 14.02
99V 103V -0 s , +ZV 13.93
1G3V 103V -OV J-3V 14.48
99V 100 V +OV 14.«»
21V 21 V — 2V +1V 14JS2
103V 104 — OV +3 14.79
102V TOJV -OV t7i 13.98
1C3V W3V -OV *“3V 73.88 ■
102V 10ZV -OV +4V 13.45
105 V 10SV -IV, +4V 13 67
10«V 105 -CV +3V 13.51
104V 104V -0 s , +3V 13.71
7S
75
400
225
160
200
100
100
200
150
750
150
75
75
60
90
150
100
50
400
400
126
100
125
100
TOO
175
300
75
75
75
150
45
200
400
125
128
100
125
100
100
200
60
ISO
75-
BOO
250
OTHER STRAIGHTS
Ball Canada 16 89 CS...
Csn. Pac. S. 16V 89 CS
Can. tit. !'f:es 17*7 CS
Gez Me:r= 17V 90 CS...
OKB 16V 88 CS
Q. HyS 16V 89 (M) CS
Quabec Prcv. 16V 89 CS
U. 8k. Nw/. 9V 90 EUA
Anno Bank 10 87 FI ...
Bk. Mees & H. 10 B7 FI
EuroSma 10V 89 FJ
Ireland 10V 87 Fi
Phii. Lamas 10V 87 rl...
World Bank 10 87 F! ...
OKB 14 66 tfr
Sol vav 01 C. 14V 86 FFr
Beneficial 1<V 90 £ (0)
BFCE 1«V 87 £
BNP 13V 91 C
CECA 13V B8 £
Fin. Ex. Cred. 13V 86 E
H.rsm Walker 14H 86 £
Norsk Hydro. 14» a 67 £
Pnwaibanfcctj 14V 88 £
Quebec 15‘, 37 E
Quebec Prov. 14>, 89 £
Road (NO, NV 76V S9 £
Royal Trusfco 14 B6 £..,
SDB Franca 75V 92 C...
Sw*d Sit. Cr. 1?V 38 £
Tenneco Int. UV 87 E
EuroHina IDF, 87 LuxFr
EIB 9V 88 luxFr
causing prices on August 19
Change on
Issued Bid Offer day week TioM
109 199V 109V +1V +1V ISM
50 19BV100 +OV +1 1637
35 tWIV 102 +OV+1V16 45
20 t9BV » +0V -MJV.ir.9B
63 flDOV 101 +1% -MV 1S.OO
SO flOOV MOV -HF, +OV 16J1
50 tWO 100V 4-OV -OV 16.42
18
«v
«v
0
+ 1V
10J7 ,
IbO
99V
»V
+OV
+0*.
10.15 •
75
• aav
»V
-0*.
+OV
10.11
50
101
10i«,
-tr-.
+0V
10.16 :
75
98V
99V
-ov
+ OV
1072
100
101
W1V
-ov
+ 0=4
9X7
150
99
99*7
0
+0*.
lo.ia ;
400
94V
*>*.
+OV
TO*.
15.97
200
94V
9V.
0
-01,
T6-S8
20
901,
MV
+ov
+3
15.62
30
104V
104V
+OV
+3*,
13.15
15
36V
100*.
0
+2V
13.51
20
IOC,
101
-ov*av
13.13
15
101V
102V
+DV
t2s
1309
25
Wj
103V
+0V
+ ZV
13.09
30
IOV*
10SV
+ov
+3V
13.09
12
99V
1WV
0
+2
14.34
35
105V
106*r
+iV
+3V
13.60 ■
30
100
100 ’«
-ov
+i-v
14.41
25
107V
1I»V
+0*.
+ZV
74.8B
12
101V
102V
-OV
+1V
13^2 ;
30
104
104V
-0*.
+1V
14.58 |
20
5orv
102 V
0
+2V
12-90
30
100V
101 V
-T-OV
+2 -
14.46
500
96 s ,
97V
+OV
1131
800
32V
83V
tO*.
+ov
n^»
Average price changes... On day — OV on week +3V
DEUTSCHE MARK
STRAIGHTS
Asian Dev. Bank 9V 32 150
Australia 9V 91 200
Austria 8V 92 ...... 100
Barclays 0/5 In. SV 94 100
Bowatar Int. Fin. P, S5 "50
Caisse Nat. Tela. 9V 92 100
Canada 8V F9 200
Comp. Tel. Esp. 10V 92 ICO
Cred. Fonder 8V 92 ... 100
Dancnarfc 10V 92 100
FpF S*a 92 100
FIB 8», 92 100
fnr.-Am. Dev. Bk. 9 92 1F0
NacnI. Financiere 11 90 iwj
Norsk Hydro BV 92 ... 100
Philips Lamps EV 92 . .. ire
Philip Morris BV 90 ... ifl
Quabec IOV 92 150
Rents 10 92- -... -MO
RNCF 8V 92 ... -100-
Taurnautobahn 77* 94.. .■”‘50
Tenneco Int. 9 92 100
World Bank 9V 89 10°
World Bank 8V 92 200
Change on
Issued Bid Offer day week Yield
97V 96V +0V -OV 9.58
104V 105V +0V +1V 8.49
95V 96V +£?V +0V 304
P4V 98V +0V 0 8.96
95V 96 0 -OV 9.36
10!>V 101 +PV +1 9.38
101V 101V 0 — OV 8.19
100V 101 +0V -I'V 10.r*fi
96V 96V +0V -i-OV 9-30
10CV 100T, +-OV -IV 10.P0
100*1 101V -OV 0 9.69 -
95V 94V +OV +1 fl.02
97\ MV 0 +0VB.35
91V 92V +0V — 2V 12. BA
97V 98V J -f u . 0 8.79
10HV 101V +ff e +1 R.3G
100=5 101 -OV -OV 8.10
10y, 103V -OJ, +01, 9.63
9°V 99V -O', -OV 10.09
,95V 9*Y A flV.+<!V 9.20,
107V 102V +I1J, -4-01. 9.43
PR 1 , 9 r, 0 -i-nv 951
7(Y» T , Itwv +CV +0V 9.20
SW, 96V +0V +0V 9.11
FLOATING RATE
NOTES
Allied Irish 5 V 92
Bk. of Tokyo 5V 91 (D) O',
Bk. Nona Scotia 5V 93 O',
ErCE 5V 88 OV
BPCE 5V 87 OV
- Caisse Nat Tela. SV 90 OV
CCCE 9, 2002
CrPME 5V 92
Chemical NY SV 94
Crad-t Agnole 5V 97 ..
Credit du Word 32...
Cred-t Lvcnna'S 97 ..
Cicd't Lyonnais 5V 94...
Credit Nat. 51, 94
Ireland 3V S3 '34
Kansallis Osaka S', 92
Llcyds Eurofn SV S3
Average price changes... On day +OV on week 0
Lora Term Cred. 5V 92 OV
J. r. Morgan 5V 97 ... §0V
Nat. West, rm SV 91... §OV
New Zeeland 5V 87 ... O',
Niopon Credit 5V 90 ... O',
Offshere Min*ng SV 91 C*
P^banken 5 91 O 1 ,
Fcctlaod Int. 5V 92 OV
Sac Pacific £V 91 ... . 9V
Eoc.ete GaratalB 5V 95 OV
SiAnd;-d Chan. 5V. 91 OV
Sweden S 83 . O'*
Torenro Damm’r 5V 32 OV
Spread Bid Offer C.dte C.cpn C.yld .
C* 98V 99V 15/10 15.88 15.83
100V 101V 8/12 15V 15.10 ■'
99V 99V 29/10 15 s , 1520
100 100V 28/10 15 14.94 '
100V KH 27/1 14 13.90
100 100V 21/10 15V 15.71 ■
98 V 99V 11/12 15V 1533
100V MTV 10/12 15.44 15.30
99V 100V 23/9 16.89 18.67
99V 100V 24/9 15.44 15.44
100V 10 iv 23/1Z 1B.B1 1B.BJ
100 100V 1/10 16 15.96
101V 101V i/i 16.94 16.67
98V 99 J : 9/9 14.69 14.82
198 V 99V 25/11 14V 1430 I
100 100V 6/11 1551 15.27 !
100V 100V 29/10 17V 17.04 '
100 IDO 1 , 29/11 14V 14.59 '
39 j 7 100 12/11 12 94 1237 •
101V 101V 15/1 15 s * 15.01 ;
100 s , 100V 7/10 15.58 15.43 I
99\ 100V 10/2 IV, 13.88 I
100V HI 2/12 14.19 14.08 ,
101 10V-, 17/12 15-81 15.62 '
99 99 s . 23/9 15V 1545 •
100 100 s , 24/11 15 14S6 }
99V aa 1 , 1/9 15.31 1527 {
100'* ICO'. 18/11 14V 14.90 i
99V 99», 26/8 15.31 15-33 '.
98', 99 s , .11/2 14.31 14.44 I
OV
OV
iOV
OV
OV
OV
OV
IOV
OV
OV
50V
Awerage price changes... On day -OV on woe*. +OV
TANDY CORPORATION
Fourth quarter
Reeanus
Net profits
Nat per share
Year
Revenua 2-CBbi
Net profits 224.1m
Net per share 2.17
1881-82 1380-81
S S
490.7m 413.9m
62.03m 54.38m
0.60 0^3
IJSBbn
169.6m
1.6S
SWIGS FRANC
STRAIGHTS Issued
Afr Canada 6V 92 . . 100
Asian Dav. Rank 7 92... 100
Aucalsa 7V 92 80
Australia 6V 94 100
RNP 6V 92 100
Mai. I'Enaraia 7 92 inn
CFE-Mexico 3 s * 92 50
Co-op Denmark 8V 92 25
Crown Zellarb-rcb 61 92
Eure pa rat 7V 92
Ind. Fund Finland BV 92
IPO
ire
•30-
too
100
35
80
100
Chaotte an
Bid Offer day week Yield
imv fin*, 0 +I»V C.04
1P«V lflO 1 * -O’, -rip, 6.92
97V OT +11, -ro, HOfi
106V 106V +01, 4-1U S.TO
flfl OTV J-l”, 0 7,02
ire 1 * i«Pi -ov —I’V fi °o
84 «V -3 +1 10.9R
104 104V — rt -OV -7.74
99V “°V -PV -IV 6.96
«1V 101 1 : -OV p. 7.0B
■99V 99>-W»V+0V 6.«
101 1 O 1 V +i»V +0V 5.96
101V 101V 0 +1 5.93
lOCVII®} 0 -IV 7.19
B5V S 55 * -OV 8.18
98V w ,J -0V+1V 6.85
84V 84V -I', -« IBM
101 V 101V -C6* 0 5.77
tKMVlOaV 0 4- CP, 5.97
103V 104', +0?, +1V 5.77
99V MV -OV -OV 7,78
102V 103 +0V +1V 52B
107 107V 0 0 6.95
• 98V SBV-OV-ftV 0.38
9BV 99 ■ 0 +OV 8.40
10* 104V *1 +'1», 8.18
On day 0 on weak 0
Change an
YEN STRAIGHTS Issued Bid Offer day week Yield
EIB SV 92 15 97V WV +QV +0V 8.57
Int.-Amer. Dav. QV 31 15 101V 102V +0 1 , +0V 3.60
Japan Airlines 7V 87... 9 95V 86V -OV +0V 9.00
Naw Zealand SV 87 15 99V 100V +0V -fOV 8J33
World BariF 8>, 92 20 98V 89V 0 +0V BJ52
Average prim changes— tin day +C*» on weak +ov
CONVERTIBLE Crrv. Cnw.
BONDS date price
A,.ncmc ’.0 Bra 96 7/31. 933
Bcw Valley l«v. 3 95 . . 4/81 23.12
Srid^ssteno Tire 5-'; 36 3/82 470
Cicnn 6 s , 35 1/8l 736.3
Canon 7 97 7/82 748 Jt
Ctiu*j«. Pharm. 71* ?S ... 7/82 709.6
Fu.itsu ?3>uc 4? : 96 ... 10/81 5641
Furuiawe Flee 5V 96... 7/81 300
H-recfc. Cable SV M 2/82 515
H-rechi Cred. Cpn. 5 96 7/81 1612
Hondo Main- 5V S” 3, ”32 841
Kawas?;.i y, 96 9/Si 229
Mini 6 96 7/81 846 4
C '.w» 5 36 ...70/81 835.4
M'fPXO 9V 77 5/82 8.15
M'jrata T-a 96 :... . 7.'81 2168
NKK !?5 7-^1 188
N.rpm Eie;:r.- 5V 97... 2/82 846
Orient r njacii 5"-j 37 . . 3/82 1205
Srn/s £ic?:ric 5 3? ..10/81 632
S-jm inns c!ec. 5V 37... 3/825770
Su-nitemo Met. S 5 * 96...10'Bl 296 1
S»« 9‘ Cr-. SV 95.. 9-'B0 191
ICe-i'Shir-ku 6V S8 DM 6/82 £16
M.-lSubiSh, H. 6 89 DM 2/82 2S3
Chg.
Bid Offer day
77V 79 -IV
3T-, 39 0
82V 84V -0«*
»■: 96V -ZV
lOfiVIOV* -2V
nzv mv — 3V
71 73 -iv
S&v 88V 0
Pram
8.68
6098
8J.7
6.91
2.W
4.07
24.72
-5 64
81\ 83V — 2V 1J»
C3V 6SV -1% 6.93
SOV SZV -2V 13.fi
59V 60V -V, 2S.95
83' , 83 s , +1V 843
60 57 V -1», SlJtS
1B3V 85V +1V 10 24
sev tS>, -IV 2tfi
87', 69*, -ZV -T9. 74
87V 99V -2V 9.53
72V 73V -2V 4.06
KV S3 1 * —IV 20-52
87V 88V — 2V 11.18
54V MV —IV
73 75 0 34.fi
1«VJ, iWV -OV 14J4
8SV BSV+OV 3349
Kobe Citv BV 93
Kommunlane 7t* 92 ...
1 Int. Fin. 7V 92
Mitsui OSK 6V 92
Nafinss SV 92 80
r Zealand 6 92 100
:o Morris 6V 32 ... 100
B Morris 6V 84 ... 100
la TV 92 80
isui Pre. 5V 92 WW 70
. Lux. da Cm. SV 92 80
iska Handels. SV 92 100
ler Wasur 6V 92... 100
ilberg Kraft 6V 92 50
Average price changes .
* So infcmaHen evai’abi? preu'eus day's pr<c*j
1 Only or .9 market .Taker suppl ed a pries.
Straight Bonds: The yisid 15 the vie»d ta 'edsnwen of rts
mid-pnse: the amour 1 isaues ■.% m buthens of curmey
units except for Yen bends wiwr« n g in h-lliaas,
Change cn ivaak-Cha-.sa ova.* or-# s weak osi'-mr.
Floating Rota Notes: Dar.orur.atcd is doi.srs un'ei* other-
w>9« md-eited. Coupon shew a , E mm mum. C-dta-Oata
PByt esusen becomes effeerve. £ p-etd- Margin abwe
Si.-mcnth oflersd raw (* tferse-mshn.: ^ above mean
rate) for U-S: dc!!are. C.cp.- — T“ij cufrwst SOU0O» t
C.y'd* Th* Current yield.
Convartibls Bonds: Opncm.nijTird ir> do-la's urim cths»-
W'SO rnriicited de'r«Crjr.“5 CC day. Cnv data-
?>ret date for convetuM .'.«t ahareg. Crro. preo«-
Kontinat amount q» bo.-d s»r s^s-e s-rpmsed in
curro'-.e/ <sf share at cs-vn.-^t^ fa,* a * issue.
Prem - ParsOT.atre nrem :1 - c r •>.« currant efticrve orce
of acquiring -ehem v.-a the B-sd cv«.- g* most reeen:
pr.n-cf the shales.
e Th* Fl "« ne '»'- Ym»s Ltd. '.9£a. Rea-wdirt-iw i a whfda
or m part "» any farm net pam-ngd wlSout wnttaal
Cflnaarrt. Oat* supplied by DATA STREAM ln»m«ior«V
Financial Times Friday August 20 1982
A-
Companies and Markets
INTERNATIONAL COMPANIES and FINANCE
IK
Strong second quarter
gives Philips a boost |
;.iK
BY WALTER SJJS IN iAMSTHIDAM
PHILIPS, the Dutch electrical
group, reports a rise from
FI I07m to FI 250m (S92m) in
net profits for the first half of
1982 following more chan
doubled earnings In the second
quarter,
Sales for the six months were
F130.45bn, against FU9.45bn.
At the per share level, profits
were FI 1.3S in comparison with
FI 1.09 for the first half 0IIS8I.
Philips said yesterday that, in
the continuing difficult eco-
nomic situation, the develop-
ment of both sales and results
was satisfactory in the second
quarter. It argued that the
extent of the improvement in
the second three-months must
be seen against a background of
a very low level of results in
the second quarter of 1981.
The group still forsees no
economic recovery but is stick-
ing to its forecast that sales
volume m 1982 will increase by
between 5 per cent and 6 per
cent and that the level of
results for the year as a whole
will be slightly higher than for
1981.
Sales in terms of volume
during the first half of the
current year moved up 6 per
cent but this was not wholly
reflected in guilder terms
because of the decrease in value
of several important West Euro-
pean currencies and the effect
of certain new and discontinued
consolidations,
Paradoxically. Western Europe
provided a more rapid growth in
terms of trading profit than the
U.S. This is because of restruc-
turing In Europe which also
gave rise to higher European
financing costs.
Sales in domstic and profes-
sional electronic equipment.
Including television and video
recorders, increased well above
the average for the group as a
whole. This year’s soccer world
cup proved a welcome boost in
this division.
Word processors also sold
well, and American customers
increased purchases of medical
equipment The continuing un
favourable market situation for
integrated circuits held down
growth in the industrial sup-
plies. sector, and the enduring
recession in world construction
meant that there was only a
small improvement in the
batteries and lighting division.
Sharp reverse at Atlas Copco
BY WILLIAM DULLFORCE, NORDIC EDITOR, IN STOCKHOLM
ATLAS COPCO, tiie Swedish
compressed air and hydraulic
machinery gfljup, reports an
earnings slump of 22 per cent
to SKr 249m ($40.5m) in the
first half of the year compared
with the first six months of
1981. Sales advanced by 10.7
per cent to SKr 3.82bn.
half rose by fl per cent to
SKr 4.1bn.
After adjustment for ex-
change rate fluctuations, the
sales figure indicates a fall of
about 3 per cent in volume on
1981 levels. Atlas Copco never-
theless estimates that it will
manage to retain or even in-
crease its market shares this
year. Orders taken ip the first
The lower uttfsation of plant
and marketing capacity result-
ing from the decline in sales is
one factor in the' profit setback.
Realised currency' losses of
SKr 20m, occasioned chiefly by
the rise in the dollar rate, com-
pared with currency gains of
SKr 6m in the corresponding
period last year.
High interest rates and in-
creased group borrowing pushed
up net interest charges by
SKr 30m to SKr 190m. Over
the 12 months to the' end of
June, the net adjusted return
per. share was SKr 14.25 against
SKr 16.20 previously.
Mr Tom Wachtmeister. man-
aging director, forecasts a
lower pre-tax profit- for the full
year than the SKr 570m
achieved in ' 1981. Sales are
expected to advance from
SKr 7.5bn to SKr 8ton.
Steps have already been taken
to adjust costs to the depressed
market Some smaller plants
are to be disposed of. the fac-
tory in Bolivia has been closed
and limits In Sweden have been
sold. These measures produced
extraordinary costs of SKr 22m
ixi tiie first half, reducing the
taxable profit to SKr 227m.
Insolvency
ruling
sought for
Ambrosiano
Oil refining losses depress
first half returns at BASF
BY KEVIN DONE IN FRANKFURT
By Rupert Cornwell in Rome
THE BANKRUPTCY hearing
of the eld Banco Ambrosiano
opened yesterday, with repre-
sentatives of the former
management understood to
have maintained that the
bank, placed in compulsory
liquidation two weeks ago,
did In faet have resources
sufficient to meet its
liabilities.
This stance is in complete
contrast with the formal
petition presented by the
three Government-appointed
Liquidators, that when they
took over. Banco Ambro-
sian o's total liabilities
exceeded its assets by L480bn
($343m).
Its liquidity position more-
over, it Is claimed, bad
become intolerable after a
IwOObn (5500m) run on
deposits after the death in
London of Sig Roberto CalvL
the bank's former president,
on Jane 17.
The hearing at the . Milan
Tribunal was adjourned
yesterday afternoon until
-Monday, with no indication of
how long it might last But
there seems little doubt that
the court will agree to the
liquidators' request that the
bank be ruled insolvent
Even so, the Issue of the
formal declaration of
insolvency for the old Banco
Ambrosiano is unlikely to
elose the matter. Many of its
39,000 ' small shareholders
have already formed them-
selves into associations
pledged to fight the winding-
op of the former bank.
BASF, the firet 1 of the “big
three ” West German chemicals
companies to report interim
results, suffered a sharp fall in
group pre-tax profits as losses,
particularly in oil refining and
commodity plastics, took a
heavy toil.
AEG draws up a survival plan
THE WEST GERMAN banks
and the * Federal Government
have still not ended their
deadly poker game to decide
how and if the tottering finances
of AEG-Teief unken, the stricken
West German electrical con-
cern. should be underwritten
in the coming nervous months
as the company tries to reach, a
settlement with its creditors.
For the moment the ball has
been passed to Bonn with the
hanks’ clear decision to make
part of their DM lJbn C$440m)
future credits to AEG condi-
tional on 200 per cent federal
loan guarantees for an addi-
tional DM l.lbh.
While the dangerous tug-of-
war between Frankfort and
Bonn continues however, the
first concrete signs are emerg-
ing of bow the company now
intends to restructure and dras-
tically cut loss-making opera-
tions in order to save its most
viable capital goods businesses.
The tactic is clear. In the
wake of the AEG parent com-
pany’s insolvency, three of Its
domestic subsidiaries have also
been dragged into the courts
this week. Their downfall was
precipitated by the AEG board's
decision to cut off the flow of
funds to companies in the
group which have no future be-
cause of .the chronic over-
capacity in certain divisions. -
All three subsidiaries belong
to AEG’s sprawling household
appliances division, which ran
up losses of more than DM 100m
last year and where the deficit
was set to double this year with-
out drastic action.
AEG-Telefunken is still the
market leader in white goods —
washing machines, cookers, dish-
washers and fridges — in West
Germany with total sales last
year of DM S.lbtL But it is
dogged by heavy surplus capa-
city and a structure which has
never been properly consoli-
dated since' the group went on
an uncontrolled acquisition
spree in the late 1960s.
Herr Hans Biihler alone, who
took over as group chief execu-
tive is 1966 after previously
heading the household appli-
ances division, was responsible
for more than 50 .takeovers or
acquisitions of new sharehold-.
ings, chiefly in white goods, in •
the years from 1966 to 1970.
production overcapacities must-
be cut back, the bloated work-
force of around 22,000 (of this
20,000 in the Federal Republic!
must be substantially reduced
and some plants closed com-
pletely.
AEG has waited a long time
to see the light, but already
this week two of the subsidiaries
in Baden-Wiirttemberg — Noff-
Werke in Bretten and Zanker in
Tubingen — have announced that
they are going into liquidation.
A third subsidiary— KOppers*
busch In. Gelsenkirchen in the
iRuhi 1 region— is seeking a settle-
ment with creditors in a final
KEVIN BONE in Frankfurt sees signs of how the
financially-stricken West, German electrical group
intends to restructure and cut loss-making operations
in order to save Its capital goods businesses
From 1967 to 1971 nearly DM
3bn was spent on new acquisi-
tions — fatally they were chiefly
financed through debt — includ-
ing the takeover of the three
companies, Kuppersbusch,. Neff
and Zanker, which this week
have landed in- the bands of
the courts in the wake o£ the
insolvency of the AEG parent
company.
AEG is desperately casting
around for an industrial partner
who would 'be willing to take
over a substantial stake in its
household appliances- division,
and the first priority must be
to make the business an attrac-
tive proposition. There have
never been doubts about the
quality of the products — there
is barely a German home with-
out an AEG steam iron, cooker
or washing machine — but the
. attempt to stave off bank-
ruptcy. And a fourth subsidiary
— ALN O-Mobelwerke in Pfullea-
dorf, Baden-Wfirtteraberg — has
bought out AEG's 51 per cent
shareholding.
The immediate results of
these moves are:
• The closure of the Zanker
and Neff production companies
— the sales companies will stay
in business — will cause the loss
of 2.700 jobs; 2,200 jobs are
endangered at Kuppersbusch,
short-time working has already
been introduced, and which the
separation of ALNO a further
1.700 jobs are removed from the
AEG household appliances divi-
sion.
• The four companies have five
factories, all of which could
now be removed through
closure or separation.
ft In most cases, overlapping
products will be removed: Neff
manufactured built-in kitchen
and ovens. Zanker. washing
machines and driers. Kuppers-
busch, industrial kitchens, and
a full range of washing
machines, cookers, fridges and
dish washers. ALNO makes the
furniture for built-in kitchens
and outside the AEG group will
continue to use chiefly AEG pro-
ducts.
ft It is expected that the brand
names Neff. Zanker. Lide and
Kuppersbusch will be retained.:
Whatever operation remains
when the cuts have been com-
pleted, it is clear that the AEG
management is now finally
determined to give up equity
and executive control of the
household appliances division —
a sad end to the dash for growth
initiated In the late 1960s,
The most likely candidate as
industrial partner appears to be
Elektrolux of Sweden, but it is
stilfl proceeding with . great
caution, having itself made a
long list of takeovers that are
still to be fully digested.
If AEG does find an industrial
partner the fate of the house-
hold appliances division could
be similar to that of the other
heavily loss-making consumer
goods operation, the Tele-
funken consumer electronics
company with products such as
televisions, video recorders,
stereos and radios. Here
Grundig. the leading West Ger-
man consumer electronics
group, has agreed in principle
to come in as industrial partner
with 26 per cent and West
German banks are supposed to
take up a 49 per cent interest
with AEG retaining 25 per cent.
Moftbacscr^^ho^^hJXjisal^thiiasixoiummiaitoppeivsscidy^ptrposss^itScimi&o^
NEW ISSUE AugnseU,2983
$200,000,000
General Motors Acceptance Corporation
14.40% Notes Due August 15, 1985
TheEkstBostoa CotporafiaB
BkctwM
Gotonan,SacfeStCa. M^Ly nATTOeWddCapttat Marke ts Groop SalomonBrofhersIiic
hnrt'airSit* Bear, Stearns & Ca. BythEast man Pain e Webber Dfflm,Read&Co.ltrc.
Donal&an, Lafknt & learette DKalBambamlmbert E.R3atton & Company Inc. KMer, Peabod y&Co.
lazadj&Sres&Co. IfifemanRjfesKn6atoA X* R RotfisdiiM, Towbia
flftrc reffi i [\meriwri Express fee. Sna&Bafaef> HagB l7phaai & Co.
‘ ; W«^&Oo,Iac. * . Dean TOfer Jtejnoldslnc.
Warburg Paribas Becker
A* G. Becker
Group pre-tax profits slumped
by 35 per cent to DM 545m
($21Sni) u? the first six months
of 1982, . compared with
DM 837m in the corresponding
period last year. Sales y/ere
weak with a nominal rise of
just 1 per cent to DM lti.Sobn,
while sales worldwide (a
broader consolidation with 50
per ceot-owned * companies
counted in full) were unchanged
at DM 17-37bn.
than its major domestic rivals.
Hoechst and Bayer, also suf-
fered important setbacks in its
potash and fertiliser businesses.
The potash subsidiary, Kali
und Salz, bas already had to
introduce short-time working in
the. first half of the year and
some production is likely to be
stopped for a further three
-weeks between September and
December. Around 0,300 wor-
kers will be affected.
and nutrition, paints, dyes and
information systems as well as
in agricultural chemicals.
The parent company achieved
a 7.9 per cent increase in turn-
over to DM 7.6bn with an 11 per
cent rise in domestic sales and
a 5.9 per cent increase in ex-
ports Foreign sales accounted
for 59.3 per cent of parent com-
pany turnover.
Grace Bros,
recommends
offer from
Woolworths
By Laditan Drummond in Sydney {
BASF, which is more heavily
involved in basic chemicals
Sales of refined oil products,
commodity plastics, fibres inter-
mediates and potash fell most
sharply, while BASF also suf-
fered a considerable decline in
sales in North America.
The group operated more suc-
cessfully in areas dose to the
consumer and boosted sales in
divisions like pharmaceuticals
The parent company also suf-
fered a steep fall in pre-tax
profits, however, with a drop of
33 per cent to DM 255m. The
company said yesterday that
prices had begun to fail in the
second quarter of the year, add-
ing to the squeeze on profir mar-
gins. It had proved Impossible
to pass on rising energy and
feedstock costs.
Steady growth at Lend Lease
THE DRAWN OUT battle for
ownership of Grace Brothers
Holdings moved closer to
resolution yesterday with the
directors of the Sydney depart-
mental store group recommend-
ing shareholders to accept the
A$lS8m (U.S.SlSlm) takeover
offer from Woolworths of
Australia.
Acceptance by the directors
and Grace family interests will
boost Woolworths' stake ' from
6.8 per cent to near 26 per
cent-
But To succeed, Woolworths
requires acceptance by at least
one of the three groups which
have built up stakes approach-
ing 20 per cent in Grace.
The bid from Woolworths. a
chain store retailer unconnected
with the UE. and UK groups
with similar names, is condt-
SY LACHLAN DRUMMOND IN SYDNEY
A STRONG lift in interest in-
come as a result of the -build-up
in cash fater an A$S5m pro-
perty sale has helped Lend'
Lease Corporation to a modest
8 2. per cent rise in net profits
for the June 30 year. '
The A$1.9m improvement to
A$25.34m (US$24.7m> for the
Sydney-based property develop-
ment and management group
came on revenue 20 pej- cent
ahead at A$482.82m-
The annual dividend is steady
at 17.5 cents a share and the
company expects to at least
maintain that rate this year on
capital increased by a one-for-
10 scrip issue.
The group is looking to
higher revenues and profits this
year and its cash hoard of more
than A$50m and completion of
some of its longer term develop-
ment will contribute. -
Last year the group’s invest-
ment income jumped from
A$4.05m to A$7.75m, easily
outweighing the rise in borrow-
ing costs from A$2.19m to
A$3.3Sm.
As well as boosting invest-
ment income the A$85m sale
of Sydney's Australia Square
office development to General
Property Trust in May 1981
led to increased profits from the
management of the trust.'
Overall the building and
engineering, property develop-
ment, property management
and leisure divisions contri-
buted to the improvement. Lend
Lease Homes suffered from the
slowdown in domestic residen-
tial building while U.S. results
were also hit by the home
building slump.
The profit came after an
increase in tax from A?l 5.08m
to A$ 17.75m.
The company also gave some
details on its proposed float of
Lend Lease Petroleum Ltd
which bolds a one-third interest
in a highly prospective Bass
Strait Oil exploration block.
Lend Lease is expected to float
the subsidiary for A$20m and
retain a one-third stake.
The other partners in the
block, which is south of the
existing Esso-BHP oil and gas
field, are MIM Holdings and the
local offshoot of Phillips
Petroleum of the UJS.
Norsk Hydro
profits down
By Fay Gjester in Oslo
NORSK HYDRO, the Norwegian
industrial and energy' group, is
expected to announce lower pro-
fits for first half 1982 when de-
tailed figures are released to
day.
Unconfirmed agency reports
said yesterday that net profits,
at Nkr 469m |$70m) were 17
per cent down.
Pretax profit was put at Nkr
9S9m, slightly below the Nkr
l.OTbn achieved ' in January-
June, 3981. and turnover at Nkr
9.68bti, compared with Nkr
1.51 bn.
Wah Kwong Shipping gain
BY ROBERT COTTRELL IN HONG KONG
WAH KWONG Shipping and
Investment, one of Hong Kong's
major shipping groups, has
reported interim profits after
tax of HK$79.5m fU.S.$12.8m),
slightly ahead of the HK$73.4m
seen at last year's halfway stage.
The group says it expects full-
year profits of around
HK$157m, against the HK$144m
reported for 1981.
The group plans to enlarge
its share capital by the place-
ment of 80m new shares, rais-
ing a net HK$213m. The pricing
of the new shares at HKS2.70
each is at a small premium over
stock. The issue will be taken
recent trading levels for the
up by the Chao family, which
controls the group, and by
Jardine, Matheson, though other
shareholders may subscribe if
they so wish.
The group says it wants the
money to finance eight new
vessels delivered and to be
delivered in 1982, and a further
four due next year. The total
cost of the vessels is HK$l.6bn.
An interim dividend of 10
cents a share is proposed, and
the directors expect to pay a
24 cents final, maintaining last
year's total payout on the
enlarged share capital.
tional on 51 per cent of the
shares being tendered.
The major shareholders In
Grace and Savona Pty., owned
by the Malaysian businessman
Tan Sri Khoo Teck Phuat, which
bought 19.72 per cent of tha
company in a friendly role when
Mr Alan Bond's Bond Corpora- '
tion Group snapped up 17.86 per
cent of Grace in June after j
Grace bid for Norman Ross, the \
discount retailer, (
Grace has since sold out the I
majority stake it built in Ross 1
to the Waltons Bond retailing 1
arm of the Bond group, thereby ,
eliminating one of the main rea- s
sons for Bond holding its stake. >
The other player is the )
aggressively acquisitive Ade- '
laide Steamship group which 1
had 19.2 per cent and controls \
the David Jones departmental »
store chain.
By taking the nine shares and ;
A$9.72 cash offered by Wool-
worths for every seven Grace
shares, either group would- be
left with a more marketable
share parcel of about 7 per
cent of Woolworths and a
possible launch pad for a raid
on that company.
By turning down the bid, each
runs the danger of being locked
in as a substantial minority
holder. Another option is a
counterbid. but none of the
three gave any sign of their
intentions last night.
Munich Reinsurance
Allianz Versicherung and
Munich Reinsurance in turn
each hold 25 per cent of Regina
Verwaltungsgesellschaft, a hold-
ing company which has more
than 25 per cent of the shares
of GHH. It was wrongly stated
yesterday that Allianz and
Munich Reinsurance have direct
stakes in GHH.
Tb&Bnmmtcma u oppeaGtsamau&cfrecor&antyandisru&er
cx oQerio buy Tiorasalictoattorzof an QffersoseBq n ysecwiiia.
Notice of Adjustment
in Conversion Price
TIPCO FINANCE N.V
8 z /t% Convertible Subordinated Debentures Due
1996 (Convertible into Common Stock of, and
Guaranteed on a Subordinated Basis as to Pay-
ment of Principal, Premium, if any, and Interest
by Texas International Company)
NOTICE IS HEREBY GIVEN to the holders of ontstanding 8%S» Convertible Sub-
ordinated Debentures Due 1996 (the *Debcntnres M )of TIPCO finance NV: ("nPCO”)
that in accordance with the terms of the Indenture dated as of March 1, 1981 (the
'Indenture”), among TIPCO, Texas International Company, as Guarantor (“Texas Ia-
temational”), and ChemicalBank, as Trustee, the conversion, price of the Debentures
has been reduced from #32.00 per share to 630.18 per share doe Co an aotidflntida.
adjustment resulting from the distribution by Tesas International to all holders of its
common stock (“Common Stock”), of shares of stock in Regal Internationa!, Inc.
(“Regal”), formally a wholly-owned subsidiary of Texas I nte rn a tio nal.
Texas International effected a spin-off of Regal by a distribution of Regal shares to
Texas international’s stockholders of record at the close of business on May 10, 1982
(“Record Date”), on the basis of one Regal share for each, two shares of Common Stock
held, thereby resulting in two separate publicly-held companies. Pursuant to Section
11.04 (c) of the Indenture, the reduction in the conversion price of $32.00 per share
-was determined by multiplying the $32.00 conversion price by a fraction, the nu-
merator of which was the total number of shares of Common Stock outstaadingnml-
tiplied by the current market price of the Common Stock on the Record Daze; less
the fair market value of the Regal shares distributed and the denominator of Winch
was the total number of shares of Common Stock outstanding multiplied by the cur-
rent market price of the Common Stock oa the Record Date. Such adjustment in. the
conversion price became effective on May 11, 1982,
This Notice of Adjustment in Conversion Price is requited by die terms of the Sir
denture and is not under any circumstances to be construed as an offer to sell or as
a solicitation of an offer to buy any of the securities of TIPCO or Texas International.
For additional information regarding this Notice of Adjustment in Conversion Price
contact any Paying Agents.
ies and Markets
WORLD STOCK MARKETS
Financial Times Friday- August 20. 1982
N£W YORK
Aug. ' Ann.
Auj. Aup.
ACT ImDhMuJ SB
"ff | 14
ASA-.. - > 38%
*VXCorp_„ 1614
Abbot Ubs 3014
*ame Clave........ 18H
Adobe 0(1 A Cm 15%
Advanced Micro,' 32%
Columbia. Gas 1 26 14
Gomblned inf ' 20
Combustn. Eng., 23%
Cm with. Edison.- ZS*
Comm. Sate ll tv,.' SS 14
GL Atl. Pac. TM. 8
I Gt, Basins Pot Us
GtNthn.Nekoosa 30%
Gt. West Rnanol. 1®%
Greyhound 14
Grumman 35b
MOM 5% ; Si
Metromedia. 208% 205
Milton Bradey 18% 18
Minnesota MM.. 55% 64
Missouri Pac 53
Gu f & Weston 12%
Modern Merohg 10%
Aetna Lite A On 35% ; 55%
PRE
mitt
(£3$
a "d
can
serv
Big!
was
brea
At
Was
tend
ow
pliec
wror
thmJ
resir
H t
Jack
pron
rebe
that
ferei
and
tax r
Reag
portt
: Tb
still
ecoQ>
tion
and
age \
from
thou;
stem;
penr
in Ni
' He
iog
coaJii
Ahmansan (H.F.i 12 • 12
Air Prod A Cham; 26 >4 ; 24%
Akzona..: 187g 1 13%
Albany Int '■ 34% . 24ia
A/berto-Culv. H sp , lo%
Albertson's .... ..; 55 % ; 34%
AieanAlumlnlum! 205; : 20
A|eo standard... 19 , 18%
Alexander A Al... 1 33% 1 23
AJeghenylttt 1 IV ' 18%
Allied CO rp...^.„; 32% ; 32 u
Allied Stores , 36% 25%
Allle-Chalmer*,., 8% 8
Gcmp. Selenee...-' 13%
Cone Mills ' 28%
Conrac 24%
Cons Edison 18%
Cons. Foods 36
Con* Freight , 43 %
Con.Nat.Gai ' 21%
Conmuar Power. 18
Gont, Air Linns...; 4%
Conti. Corp 1 21%
Conti. Group 27%
Conti Illinois - 16%
Gontl.Teieph ■ 15%
Control Data 245#
Monarch M/Tm... 13%
Alpha Portd. 14%
Alcoa... 86 ’ 25
Amal. Sugar. 47% 47s»
Amax 107 b ■ 19
Amdahl Corp lPJi ' SI
Amerada Hew. .. 17% ; 17 %
. Am. Airlines. . .... 15% j 19%
Am. Brands. SS%« 00%
Am Broadcast'^ 41% * 40-%
Am Don 38% 38
Am. Cyanamld....: 285 b i 28%
Am. Elaet. Powr.) 17% ' 17%
Am. Depress 41% 405,
Am. Gen, Inina#.; 34 34 i„
Am. Holst A DK...i 9U 9%
Am. Home Prod.., 36% : 3B%
Am. Hoso- Suopy 52% 1 33
Am. Metfleal Inti 34% : 25
Am. Motors i 3% , 3%
Am. Not. Reaees.. 26s» 1 87%
Am. Petrine B5s» ; 54
Am. Quasar Pet— 514 : 6
Oooper Inds...... 21%
Coor» Adolph,....; Ills
CopaerweM 13%
Corning Glass ,...! 46
Corroon Black,. _ 20%
Cox Broa.icast'g 29
Crane.. 19%
Crocker Mat-..,...i 23%
Crown Cork 25%
Crown Zelf 17%
Cummins Eng 305$
Curtiss- Wright...-. 545*
Damon 6%
Dana I 24%
Dart 3c Kraft 98%
Data Gen 1 2lsg
Dayton - Hudson 36%
Deere • S5% ,
Delta Air 3994
Danny's 1 25%
Gulf Oil 37%
Hall'FB'.., 26%
Halliburton 21%
Hammermill Ppr. 25%
Handle man • 14 i L .
Hanna Mining ... ' 17%
HarcDurt Brace,, 14%
Harris Bnncp 25%
Harris Carp 23%
Harsca - Idas
Heda Mining 10
Heinz 29%
Heller inti 15S*
Hercules ' 18%
Hershey. 43 %
Heublem - 65%
Hewlett Pkd ... 41%
Hilton Hotels 51%
Hitachi 21&a
Moore MoCrnrk.. 13
Morgan iJPi.,
Motorolo
Munslngwear.. .. 11%
MurphyiGCj. . .. 14
MurhyOH 18%
Nabisco Brand*.. 34%
NalcoChem,, 22
Sen lumbers or... 31%
SCM 22
Scott Paper .5
Season 2a
Seagram wa
Sealed Power ... 31%
SeAria iGDt . .. 36%
Sear* Roebuck... 20
Security Poo 29%
Sedec
Shell 0» 29 -t
Shew Trans .. 86%
Sherwin-wms .... 87
Signode 52«s
Dow 9.5 ahead at mid-session
Hat. Can 17
Nat. Detroit ...- 22%
Nat. DuLChem.. 20
! Nat. Gypsum ' 18%
Nat. MedicafEnt 25%
Nat Samioductr. 1*
Nat Sendee Ind, 34%
Nat. standard— 8%
Nat. Steal 18%
Notomas • 14%
NCNB 13%
Holiday Inns.—...' 26
Holly Sugar 35
Homestake - 25%
Honeywell 63
Hoover • 8%
Hoover Uni 17J*
Hormot Gen.V..„ IS
Hospital Corp 5S7g
Hou sohold Inti.... 1 9 %
Houston Inds 19%
Hudson Bay Meg. 11
HugheeTool 1 15%
Humana 37%
NCR 64 %•; 537*
I New England El.: 30% 30
NY State E AC... 18% IBs*
NY Times 38 ; 37%
Newmpnt Mining 35% J 35%
Nieg. Mohawk... 15% 1 16%
NICORInc I 27% - 26%
Nielsen lACi A. .../ 47% ■ 46%
NL Industries.....! 14fe ' 15
NLT 41% I 41%
simplicity Pstt... 7U
Singer I|%
Smith Inti./-. — .. 19”S
Smith Kline Beck; 605 b
Sanest* Inti 12%
Sony *2
Southeast Banks 16%
Sth. Cal. Edison .. 33%
Southern CO ' 141;
athn. Nat. Res...: 23%
sthn. N. Eng.Tol. 45
Sthn. Pacific i 26%
Southlands 33%
s.W. Baneiharas 25%
Soerry Corp, , 22%
Spring Willi.. 27 *4
Square D ' 23%
Squibb 1 36%
STD Brands Pal ntl 267; ;
CONTINVING TO consolidate rt 1 pm. Volume 3.92m shares their shares by TOf 150 to to tint whiefa cfctaMff 11m the
its position after the recent i6.2m). - DM 133 and DM 2 to'BM'l# totfr Waf}^ Street
strong gaiiK. Wall Street made a respectryely. advance sm ^dnesdaar - Sorae
raised shying oTerali af mia- Canada Also in Chemicals. ■ BASF. c brokers ~ vooW hlanrr^t ayp
session yesterday, although the Markets displayed an easier r Wrtlng a 34.9 per cent drop back on th« coDttmrinE glownr
Blue Chip.* ww showing hias aftcr ^ 5e55 | 0ns of sha io first-half H«rld group pre-tax. .wikurfc ftc a nember of large
renewed strength. - a j DS M ^ pace sjowed. P^Ats lost DM 0.30 to DM X1Z50. Swiss miawfaiMriTers. -
Reflecting the perfomance of to normal levels. The Toronto Public- Authority Bonds The only te&fy. betfiw ernck'
Blue Chip?, the Dow Jones In- Composite Index shed 19 to advanced afresh to lively trading, yesterday was OfefHltAD-Bwbrfe,
dustnal Average moved ahead 1.470.0 on volume of 2 7m shares'- ^ dra"™ 1 * sfrength ^romjhe' which f^ansl Srf'rWlD SwFr
9.52 to S38.95 by l pm. The bv Declines led ftI1 “ interest rates. 'Gains 880; Btoofcers-saW tlie^wmpanr
NTSE All Common Index added advances on the Exchange hv' ranged to SO pfennigs. wMIe the to one .of the .’few btg Swiss
25 cents at 562.60. but with de- 173 tn 07 Bundesbank sold DM 37.2m- of. industrial' c qn c e i ro vrWch has
clines and guns fairly evenly Analysts had expected profit- P«P«r. against DM 9S.7m sale* nat yet. . aoaottneed -wduoed-
mafehed. taking to set in after prices aad the previous day. working hours despite o iack of
dines and gains fairly evenly
matched-
Tradin: was heavy although
■well below the record-breaking
pace of Wednesday. Volume
amounted to 56.15m shares
.isainst the previous day's l pm
level of P3."m
Cities Sen-ice was by far the
most active stock, soaring 5i to
trading values were run up on
Tuesday and Wedowday on the
expectation of lower interest
rates.
Germany
Tokyo /SSK
The alte Wall Street downturn a move,
overnight following its initial .’. ' “
further upsurge induced, some . Aw
profit-taking on the Tokyo v»»rfr#
working hours despite * Jack of
orders; and they added that some
people x re spmiiahng. fa such
rice «v by far the Shares mded m a mfaced _ ot _- market after Wednesday's sharp
Am. Standard 1 30
Am. storm. 1 46
Am.Tal.ATat 04%
Amateklnc 27
Amfac.. IB
AMR 48 % I 49%
Amstar 1934
A mttaad l nd*.._ 30%
Anchor Hockg. .. 14% -
AnhoOMr-Bh.. 49%
Aroher Don !«%... 15%
Arm co 16
193; 1 30%
30% . IJltg
ArmatreneCK,.^.- 153*
Awamaraoil 7%
Asarco. > 33%
Ashland oil 24Vg
Aaad.D.Gocd*-..! 33%
Atlantic Rich 325,
Auto- Data Prg„... 21%
Awoo - 18%
Avarylntl 35%
Dantsply |ntl ■ 84% 1 241;
Detroit Edison... 12 ,'12%
Diamond inti 3S3| ; 40
Diamond Shank..: 16 Tr 17%
DlG/orgio 9% ' 9
Digital Equip 67% ; 66%
Dillingham 11% 1 11%
Dillon 23 [ 22',
Disney 1 Walt; 63% > 83%
Dome Minas 6 I 5s$
Donnelly I RRi 42% { 41%
Dover Corp 16% 19%
Dow Chemical ... ZO>: • 31%
1 Dow Jones 40 > 40
Dresser 123, , 13%
Dr. Pepper 14% ( 14%
Duke Power........ 22% l 82%
Dun & Brad 71% , 705^
□u Pont ' 31% ! 385,
EG & R : 273a I 16%
Husky OH 4%
Hutton' EFi 26%
iCInds. 25%
IU Int 13%
(deal Basis Ind... 14
Ideal Toy - 145,
IOI ADR 5
Imp Corp Amer.. 7%
INCO BE;
Norfolk Southern 47%
Nth. Am. Coal 295,
Nth. Am. (Philips.; 36
Nthn. State Pwr.. ; 29Sg
Ncrthgate Exp... 3
Northrop 52
N West Airlines... 37%
N Was t Bancorp... 20
Nwest Inds 333,
Nwestn Mutual.,.- 956
Nwest Steel W... 26%
Norton... 245 t
Norton Si men... „ 19% ,
Occidental Pet... 18%
Ingargoi Rand, ... 40%
Ocean Drill Exp.. 16%
Std OH Clffotnia. 33%
Std Oil Indiana-. 34%
Std Oil Ohio.. ‘ 875«
Stanley Wks>. 147;
Stauffer Cham.. I8ia
Sterling Drug.... 34
Stevens (J.R.l 13 -1
stokely Van K„... 2»-a
Storage Teeh ..... 17%
Sun Co. 2B
Sund strand ........ 39'-t
Superior Oil 22%
Super Val fltrs.... 2S%
Syntax 5S%
TRW 53
Taft 38%
Tampax. 37
m 00 volume of ranre than JSmJSTi ^ ***** *° m
1« shares despite opening fate, mri JS?SnTS3rAj
rpnt of Cities r Service CW1 2 nu ” a «fjor influence on esp^IIy fnVs^te Blue OripL
cent of Qties be rvice ouwrano sendmeut The Commented* a. i men rf th*. marke
ins shares at S50 each. Earlier jujjp- w
this week. Cities Service's man- Dr j ces *a
acement rejected a bid of this the end c
amount per share, but Occi- af fi gey t
dental announced iate on Wed-
nesday that it would go directly 2eg *'
to shareholders. ^ g 10 ,
Also higher and active was t^o-dav ri
ATT. up ; to S55*. The Justice d
nepartment said it would «up- b ' nb , , t
port a Federal judge’s _ mpdifi-
index, v*ich is calculated on indices were only moderately Humng^craergy i5su«%,v«Hig2W
prices taken some time before down on the day The Nikkei- P*** °J> cents to . AS6.60 anti
the pod of trading, was down « Dow Jones Average, which ERA , 4 cents tf » AS^-Qi but the
at B55.7 after the previous day's rebounded 126 points on Wednes- trend was mixed.
10.4 roily. day. receded 33.03 to 6,967.7*. TT X r - '
AEG recovered a further .Volume was a modest 2lPm ITOD2 lkOB£ ,^.-
irther upsurge induced, some Australia
rafit- taking On the Tokyo Martef* war* miwg with
ai^et ^erWe^jesday’B Sharp ej^j^ bias, sentbAent dampeued
by 010 weataieM of the Awti»-
nued recovery yesterday from ^ w*U
s recent five-year low against street trend an Wrdnr-.rinv
le U.S. dollar prompted fresh .^Taw co
reign buying, m Tokyo. fnSP ? tt
specially for some Blue Chips. mM
As a resnlt, the key market 4 ?™ te Vnma
dices were only moderately Among EnergST Issues, _T«ngW
recovered
DM 5.10 to DM 31.40. making a shares, (250m >.
two-day rise o£ DM S. 40. bolsfpred Export-orientated BJne Cbt7*8,
hy the decision of its creditor which led the Wednesday roily,
banks late on Wednesday evening retreated on . profit-taking, hut
to provide the insolvent company then issues such as Sony, Victor.
Inland 5 toe I . ..
Intel
Inter First Corp.. 18%
Inter North 22%
Ogden
Ogilvy&Mrth
Ohio Edison.. ....
Olin -
Omark
- r .t-- .ti nt tha ' ' uie uiauiveai vumpanjr uwo iani
r , % S5S5S 'frroit w|th DM 700111 Jn immediate Toshiba
5 aDtl ' trusl Uvsult credit and another DM 400m if ahead.
and ' Fnjilyu
Onack. 36%
Avnat i 37J 4 1 38%
Avon Prod 20% SO
Raker Inti 19% j 20%
Bait Gas ft El... . ; 283a ; 88%
Ban Gal 167, 16%
Bongar Punta ...; 13<n - 12%
Bank America ...1 1B% .■ lBSs
Bank Of N.Y 42% : 42%
Bankers Tit N.Y. 30% 1 30%
BarryWrlght - 14% I 147;
Bausoh ft Lomb, 40% 1 40%
Baxt Trav Lab....: 37% 1 56t 8
Beatrice Foods.... 20% • 20
Baker Inds ! c\ ; 4%
Ball ft Howell .J 19% l 19%
Bell Industries .... 15 14ij
Bandlx 49 48%
Baneflelal '• 19% 19%
Eases 19
Eastern Airlines. 4?g
Eastern Gas A F. 365ft
Eastman Kodak..' 76 1 4
Eaton,.... 24%
Gchfln Mfg • 137ft
Eckherd iack_ ... 19%
Electronic Data. 27 >3
Elect. Memories.1 3rj
El Paso l4Tg 1
Emerson Elect..' 443;
Emery Air Fpt.... 9
Emhart 207 8
Engelhard Corp.. 28
Inti. Flavours 22%
lnt(. Harvester. 4
Inti. Income Prop 9
Int). Paper, • 38%
Int.RMtifler 8%
Intl.Tei&Tel 255a
-Irving Bank. 36%
22 %
; Jeffn- Pilot 24 >j
Jewel Cos... 33%
Jim Walter. 24%
Johnson- Contr...: 33in
Johnson A Jns. . . 40%
John than Logan,. 14 h
JoyMnf. 30%
KDT ind. Inc : B .
It Mart 18%
Kaiser Alum 12% -
Outboard Marine 22%
Overseas Ship.... IX %
Owens-Corning .. 19
Owens-Illinois .... 28%
PHH Group 21
PPG Inds 36%
Pdbst Brewing... nh
Pac. Gas ft Elect. 25%
Palm Beaoh.. 15
Pan. Am. Air S
Parker Drilling ...
Peabody Intr.
I'Enserch 16sn
Beth Steel IBst
Big thee Inds...... 15 m
Black ft Deekar.. 13%
Block HR • 27%
Bus Boll...., 83%
Boeing 19
Boise Oaaoade.,.. 34 t b
Borden • 33%
Borg Werner 25
Briggs Strain ...... 24%
Eamark
Ethyl
Evan? Prod
Ex Cell o
Exxon......
FMG
Kaiser Steal
Kanst> Services ..
Kaufman Brd
Kay Corp
Kellogg
Kennametal
Kerr McGee
Kldda
Kimberly Clerk .
Peoples Energy..
Pepsioo
23%
25%
17%
. 17
15
. 14%
3%
5 >8
23%
23%
10% :
10%
15%
15%
5
43|
20%
21%
40%
39%
24%
29
B%
8%
40 •
39%
18%
17%
Tandy — 24%
Teledyno 77%
Tektronix 36%
Temreco 25
Tesora Pat 16%
Texaco 26%
Texas Comm. Bfc 30
Texas Eastern ... 41
Texas Gas Trn ... 25
Texas instr'm'ts , 83%
Texas OH ft Gas... 21%
Texas Utilities ... 23 -«
Textron 10%
Thermo Electron —
Thomas Batts ... 40%
Tidewater I 17%
Tiger 1 nil I 6%
Time Inc 1 38%
-null nu u auuuici wuiu II
*\™le bi'. lower were Delta
Matsushita Electric shed- Ylft
Airlines, down 2j to S27-*.
i SchiumherRer. SI to $3ftJ. and
Standard Indiana j tn S34j.
Standard Indiana. 4 to S34i:
niehold fell S3 to $45. after a
drop of 4i on Wednesday. Some
toes a further loan of DM l.lhn.
Hong Kong -
The late Walt Street downturn
Street flverrUffhf took, tire Bteam
out of the recent rally tm Hong
Knag markets^ ‘Afefr an ea^ier
siart, share prices took a
firmer stance; but acain tended
lo soften durrhe the afternoon.
The Hang SiBg index. . which
I»s main banks also recovered, to.Y3.R30, Olympus Optical Y23
but lingering doubts over AEG's to Y987 and Pioneer Electronic
\n vstKn recovered name 134 points
5ince fa uj n ^ tl> * 2e*m«ni!h
OUT lingering noums over. AEG's ™ ana rioneer r.ieciromr Iaw earJv on jwstenlav
restnicturing through the courts. ™ to 10.370. bn Sony atsed 5bowpd a further-improvement
combined with uncertainty j: ieta ljJ£ 0 a 3 of 13 points at mid-mon»me
generated by Wall Street's late Y2-040. Honda Y7 at Y667 and
■ _ T/iei>rhn vc » a* vnw
analysts are projecting a decline reversal on Wednesday of its
in the company’s order rate. earlier fresh upsurge, resulted
of 13. point* at mid-morning
before ending 5.4S down os Ibe
inn company s uraer m>.e. . ' — — "r* zr Kocnito neino
Froehauf retreated H to $151 ™ J . n * rTOOS and Bourse nsmg
Toshiba YS at Y2S3.
. No °- ferrous Metals were lower ^nibiaed ' tiiraover
Bullion
after anaouaa ng a nit in its
Times Mirror 39
dhndend.
THF AMERICAN SE Market
Value Index put on 0.56 at 24?.5fl
; Timken *4%
I Tipperary.. 45s
Tonka. ’ 16
Total Pet 8
Trans. 36%
rinsing prices /or North
America were not available
for this edition.
AEG consortium leader Dresd-
ner Rank picked up DH 2.70 to
DM 120.50. while Deutsche Bank
rose DM 4 tn DM 256 and Com*
meirbank DM 1.50 to DM 11&
Switzerland
Stock prices generally turned
easier in much quieter trading.
Combined turnover on the
exchanges . contracted to
HKS254.l9m‘ from Wednesday's
HK$300.66m.
In the Property sector. Cheung
Kong ended unchanged at
TTKSll^O, but declines of 15 cents
_ News of short-time working at seen the previous day.
Volkswagen and Chemicals con* Brokers attributed the setback
cere Kail und Sale depressed largely- to profit-taking similar
erasing most of the improvement ..apiece were recorded by TfK
seen the previous day. Land, HKS6.1D, Pan! Y. HKS3 Tn.
Brokers attributed the setback and Soxr Hung Kai Properties
HKS450.
TrantamariCB .... 17%
CANADA
BELGIUM (continued)
HOLLAND
AUSTRALIA
f JAPAN (am tinued)
Faberge 18
Knlqht Rdr. Nws. 31%
Briatol-Myara^. .. 67
Fodders- 0%
Federal Co 32%
Federal-Mogul.... 19%
Fed. Nat Mort.... 12%
Koppere
Kroehler
Kroger 36
Fed. paper Brd... I8T3
Lanier Bus, Prod 15%
Lear Sleqler . .
Brookway Glams.. 13% 13%
Brown Forman B| 34% ; 34%
Brown Grp 37 36 %
Brown -ft Sliarp--i 14% i 145a
Browng Forfla.... 31% 31
Brunmwiflk ........ J 21% 21
Fed. Resources.
Fed. Dep. Stores 4 is*
Leaaeway Trans 27%
Fieidcrest Ml 18%
Firestone 1 107 8
1st Bank System 29
1st Charter Fin... 12%
Petrie Stores 21%
Pet rp lane 11%
Pfizer 5 BSr
Phelps Dodge 195.
Phila Elect 16%
Phlibro Sal 'n Inc. 27
Philip Morris. 48
Phillips Pet 23%
Pillbury 39%
Pioneer Corp 12%
Pitney- Bowes-... 355ft
Pittston 15%
Planning Res'ch, 6%
Plcsaoy 91 %
Polaroid 22%
Potlatch 22%
Prentice Hall . . 35 In
Transway 19%
Trans World, 18%
Travellers... 1B%
Tricentrol .......... 6%
Trl Continental .. 18%
Triton Energy,... 12%
Tyler 14%
UAL- 17%
UMC Inds 85^
Unilever N.V. 34%
Union Camp 46%
Union Carbide.... 455ft
AMCA Int). 19%
IB
Agnico Eagle-. . 8.0Z
Alcan Alum in ,. . 255a
Algoma Steel 23%
Asbestos 10%
Bk Montreal. 19
Auq.
18
Auq.
17
Aug. 19
Price -
Frs.
+ o»
13%
17T»
Petrofina . ..
4.4401
-10
18
17
Royale B<dqe
6,030
-80
8.BZ
e.oo
Soe. Gen. Bang*
2.300
2553
25
Soe Oen Beige...
1.140
+ 10
25%
23%
Sofina
3.500
+ 65
10%
10%
Solvay
1,905
19
38%
Traction Elect ...
2,610
—55
2453
23% '
uca.
8,100
9.25
2.30
VI «i lift Mont
8,950
+ 25
Aug. 19
Price; + or
■ FIs. . —
Aug. T«
Procter Gamble, i 89%
Levi Strauss 25%
Levitt Fumtr .
Libby Owens Fd. 30%
Bueyrua-Brle 10% [ 11%
Burlington Ind 20% 10%
Burlington Nrtbn 36% 1 36%
Bumdy... i 16% i 16l«
Burroughs - 33% ■ 33%
CPC Inti., : 33 32%
CSX 40% ' 38%
Campbell Red L. 12% > 12%
Cempbell Soup,,.: 33% 36%
1st Chicago. ' 17%
IstCity BankTexi 1B%
Lily iEIIi
Lincoln Nat.... ...
Litton Inds
Pub. Serv. E ft G. 22%
Pub. S. Indiana... 34
Purex., —
Purolator ' 29%
Quaker Oats 30
Quanex 6%
Union Oil Gal 32%
Union Pacific.. 51%
Uniroyal . .... 7 %
Untd. Brands...... 6%
Unt. Energy Re»- 24%
1st interstate..... *6.*
lstN|lsslsaippl....| 7%
1st Nat. Boston... 35 %
1st Penn 3%
Fisons — 6%
Lockheed 65%
Questor 13%
Fleetwood Ent... 18%
Campbell Tagg ..
Canal Randolph.;
Flexi-van • 20%
Florida Pwr ft L-> 34 %
Ford Motor 237j
Foremost Mck... 305*
Loews. 87%
Lone Star Inds.. . 21 %
Longs Drug Strs, 30%
Louisiana Land... 20%
Louisiana Pac 185 b
Lowenstelh 24 Sj
Lubrizol 15%
Lucky Strs. 13%
MiACom. (no 14
MCA.. 60%
MacMillan SlfdfMn. 13%
Can, Pacific
Foster Wheeler... 10%
Carlisle Corp 21%
Carnation..
Carp Tech
Carter Hawley.... izjp j 11%
Caterpillar 37% l 38
Cclanese Corp.. 44% ! 43%
Cental 29 • 20%
Centex 22% 1 21%
Central ft 8w 165s 16%
Central Soya • 10*s j 10%
Cartain-teed : 11% 11%
OoMtrra Aircraft- 345* • 15%
.Champ. Home Bid 3% : 5%
Champ Int 13% i 15%
Champ Sp Plug.. 8 7%
Charter Co..... 8% ! 7%
Chase Manhattan 35% I 36%
Ohemloal NY j 30% 30%
Cheaabr. Pond...’ 32% 82%
Chicago Pneum.. 12% 22-%
Chrysler 7*1 7%
Chubb 31% 30%
Freeport McM...
Fruehauf
GAF
GATX
GTE Corp
I RCA 18%
Raison Purina.... 14%
Ramada Inns 5
Rank Org. ADR . 2%
Raytheon 38%
Reading Bates ... 10%
Redman Inds.. .. 13%
Raich hold Cham 1 1 %
Republicbane .... 25
US Fidelity 6 ... . 35!,
US Gypsum.. 31%
US Home 145*
US Inds 85j
US Shoe. 51
US Steel * 18%
US Surgloa! 21%
US Tobacco 46%
US Trust • 341*
Utd.TechnoIgs... 43%
Utd. Telecomms. 17%
Upjohn 42
VF. 55%
Vartan Assoc e. .. 37
Vtrnltron 6
Bell Canada, ' 18 >i
Bow Valley 14%
BP Canada 24
Brasean A 12 %
Brlnco 3.50
B. C. Forest.* 8%
CIL Inc 19%
CadillacFairvfew 6
Can Cement 8%
ACF Holding. i 78
Ahold i 00
AKZO 23
ABN 251 —o Audi meo ..... 0.08 ' -Q.0! Maeda Const 60S ... .
AMEV_ : 86 ■ -1.B Aust Cons. Ind ./ 1.27 -MJ.01 MakUa 6B5 -1
AMRO „ — £7.8 — 0-4 Aust. Qua rant. .... 2.16 ; .. . . Marubeni.. ...... 2*1 -*1
BrederoCert 190.5 Aust. Nat. Inds— 2.15 >0jH MerudaL. 521 .. ..
Beskails West.... 36.5 — l Aust Paper : 1,75 I ~o.ni Marti! 830 - 3
Buhrmann-Tet .... 29 —0.5 Bank NSW , S.46M —0.81 Matsushita ... .. 7,000- -I
CalandHld a...... 25.6| -0.4 Blue Metal ' • LB3 ...... Mta Elec Works. 455 .. .
Elsevier NDU— .... 151 —2 Band Hides. O.WH *OJi< M’Wsrtl Benk.. J 500 ;-g
Ennla„ 133 —1.7 Boral _■ 2.27 1 *OIH M’bisW Corp....- 470 —3
Euro Oomm Tit... 74.5 Bouganvifie 1.33 ' +0.03 M*bishi Elect 227 -2
Qlst. -Brocades.... 1 76.8. +2.1 Brambles Inds...., 1.04 +OJ1 M’bishl Real Est. ' 405 — t
Hein eke n ' «4.9i -0.4 Bridge CHI 2.47 ; -DJU . • -TO _2
Hoogovena . 24 JJ -0.1 BMP : >.i «lB» } -O . M . *
rrr — rr ANT Group.;. —
IS- 5 *?-S AcrowAust
S2. -I-I AmpolPet ... ...
-O.B7 1 Kubota ...
... .. IKumugal.
25,1 —0-2 I Assoc. Pulp PSP
Kyoto Ceramic .. ,3,590
DENMARK
150.5
36.5' -1
29 . -0.5
25.6 -0.4
1,45 Uon..
0.08 ‘ *0.01 Maeda Const
1.27 ' +4J.M Makita
2.15 ;. . . . Marubam
2.15 - O.m Mar-udaL.
1,75 I -o.ni Marui : ■
3.46x1 —0.82 Matsushita ... ..
1.52 Mta Else Works.
0.09 l *OJK urbfshl Bank .
1,000 - -JO
455
600 ;-~8
Can NW Ensrgy.J 26%
Heineken
Hoogovena
Hunter Douglas.!
Int Muller.
KLM~
Namrden. .....
Brunswick Oil —! 0J.5 I —
IB di n ir lorungwicRMU s.. uaj
iS-2 "2-S CRA 3.00
EEZz: *^- S - «R ' 2.60 +0J2 NGK Insulators
Naardpn-. . ..| M.l -0.3 cartton ft Utd-..; 1.92 -0.81 Nippon Denso..
is C**t/emala«7Va 3.65 +OJ7S Nippon CakW.
iSSri BSTCE*"" M'S “ H. CluffffllfAusO- 0.33 Nippon Meat...
tn2- : Oo. Opta ! 0.10 : Nippon Oil.
MHi :to -2
Mitsui Co ; 303 : +6
Mitsui Real Eat...' 574 • +9
— OJI3 MltaukPshi ; 310 ; 4-2
+ 0.112 NGK Insulators... 1 437 1 — 0
—0.91 Nippon Denso— ..I 065 —5
Can Packers...— 29
Can Trusco 20%
Can Imp Bank.... 193ft
Cdn Pacific M . . 2BU
Can, Pac. Ems... 16%
Can Tire — 3B
Republic Steel 17
Mfcrs Hanover... 29
Gannet
Gelco
Gen Am Invest ... 14%
Gen Cinema 45%
Gan Dynamics ... 28%
Gen Electric ...... 67%
Gen Foods 37 U
Gan Instruments, C7s?
Oen Mills 43%
Gen Motors 44%
Gen Pub Utilities: 5U
Manv.Ue Corp. . 7%
Mapco 22%
Marine Mid 15
i Marriott 37%
I Marsh McLenn... 52
Martin Mtta 27%
Maryland Cup....' 34>*
Maaco 34 ■<
Massey Fergn. ... I'u
Mass Multi. Corp. 1 :8%
Mattel ! 11%
May Dept. Strs... 26%
Resch Cottrell. . 11
Resort Inti A 18%
RevcO'DSi 205s
Revere Capper... 8ii
Revlon 26%
Rexnord 10
Reynolds 'FU>..~. 43%
Reynolds Mtls. ... 21%
Rite Aid 35
Roadway Exps... 42
Robbins lAHi 1*
Rochester Gas- 14%
Rockwell (ntl—.. 33%
Rohm ft Haas..... 51%
Rollins 108ft
17 17
11 lOSi
18% 101s
29% 29
8% I 8%
36% ; 26%
10 95s
43% 42%
21% 21%
33 • 33
42 40
14 ' 14 ■
14S« | 14%
35Tft i 34
51S« > 50%
108( f 10%
Chisftan
Common ....
I Cons Batest A.. .
Cont.BK. Canada
Cosaka Res n . .
Costaln
«S.e' ^d.e Njduwd- ; io * j -o.s dimt; i3s *
lafi ICceGrinten 1 11B.3. — 0.7 lmi M irj i h is i
Virginia EP
Vulcan Maths....
Daon Devei. 1.25
Vulcan Maths...
Walker (Hi Res..
Denison Mines
Dome Mines... .
Wal-Mart Stores 27%
Dome Petroleum 3.10
Jyske Bank
Nord Kabel.. ..
Novo Ind.
Paplrfabrikker
Privatbanken ..
Previnsbanken.
Smldth (P.L.t . .
Sophus Berend
Superfom .
126
08.4- —2
580 +11
390 • t5
237 +41
175 ■ . ..
Ommeren CVan)..
Pakhoed.
Phlllpa
WJn-Schaide ...
Robsco —
is ,| Colas !GJ4....;.... 2.12
H'i 1 -xs x- Comaleo - 1.05
36 j. -G.2 costaln 1.40
21-i -o.4 Isa*
EUer-SmttltOMJ 2.55
135.4 -3.4 iRodameo.
1.870: + 120 1 Rolinco
Rorento.. . — .
Hoyal Dutch
Blavenburg's .
“v« 4 . II ft
-0,7 Endoavoiir Res... 1 0.16
104.5 *og Gen. Prop. Trust 1.48
165-0 4.1.1 Harto9en Energy 1.85
Hooker
171.4 -3.6 Tokyo Pac H0...
74.9 _ 0 ; 6 1 ici Autt. 1 j4*
Oen Signal ....! 32 >s
Gen Tire
Genesco
23% j 22%
Cigna 37%
Cincinnati Mil....' 21%
Genuine Parts, ..J 33
26
; 26%
Gorber Prod
1 20%
20%
37Sb
: 37%
Getty Oil
: 46
4to%
19%
; 19
Giddfngs Lewis..
’ —
. 29%
2Hft
- 21
Gillette
38%
3B
17Ss
: 17%
Global Marine....
8%
8
13%
133q
Goodrich 1BF1 ...
19
! I8I4
15
15%
Goodyear Tire .
83%
24
36i (
37%
Gould
237,
33%
16%
17%
Grace
Site
30%
15%
23% ;
12%
23%
GraingariW.Wi...
38%
38%
Maytag zs%
McCulloch 8%
McDermott (JRi.. 15%
McDonalds • 73%
McDonnell Doug 35%
MaGnaw Edlaon... 25%
McGE&w Hill 48%
McLea nTrukfl — 173ft
Mead 14?*
Media Gen! 371*
Medtronic 58
Mellon Natl 30
Melville I 46%
Mercantile Sts... 70
Merck ' 87 %
Meredith 59%
Rolm .'. 263ft 25%
Roper Corp— 11 10%
Rowan 8% 1 8%
Royal Crown 16% I 16sa
Royal Dutoh ; 30% 30%
Rubbermaid — ... 39% .! ,30
Ryan Homes | IB 1 177*
Ryder System...,' 33% , 32%
SFN Companies* 21% 22%
SPSTechnol.gles 12% . life
; Sabine Corp. ■ 30% 30%
Safeco 32% 31%
Safeway Store*.. 34 1, 34%
St. Paul Cos 40% 39%
St. Regis Paper.. 107* 19%
Sante F* Inds. .. 17ft* 175*
Saul Invest 6% 6
Warnaco 313i 29%
Warner CommS.. 35% 39%
Warner Lam bt ... 20** 21%
Washington Post 35 54 %
Waste MsJigt 52% 31%
WelsMktS. 27 265*
Weils Fargo- 217*. 81%
W.FoInt Peppl. .. 25% 24%
Western Airline. 45* 4*1
Westn. Nth. Am... 7ft* : 8%
Western Union... 88% 27%
'Weetlnghousa 28% ; 3B5«
Westvace. 19 ' 18%
Weyerhaeuser ...J 87a* j 86
Dom Foundries.. 30
Dorn Stores 14%
Domtar Z6*»
57S . -10 Unilever...
92.4 —0.6 Viking Res
Vrrf Stork
VNU -
West Utr Bans ...
. 0.5 I Jennings
JimbalanaiSDofp 0.15
Falcon Nickel. . 44%
Gepstar 11%
Gt. west Ufa l.BO ,
Gulf Canada. 14
Gulf Stream Res. 1.90 ,
Hawk Sid. Can ... 9% |
Holllnger Argus... 23% ;
FRANCE
Aug. 19
Price 1 * or
Fes. - —
®4.5 — l.S Jones tD< 1.44
*5.7 —o.B Leonard OIL*. 0.15
6*.B -oil MIM. 2.08
•0.5 _ 1 * Meekatharra..... 1.85
Meridian Oil . . ... 0.26
Monarch Pet M ... 0.07
Myer Enfp ■ 1.33
Nat.Ban^ ; 2.28
Mows... I 2.05
Nicholas Kiwi...., 1.30
0.10 : Nippon OH.
2.25 i Nippon Shlmpan.:
2.12 I ~0.ll Nippon Steel. ....
1.95 Nippon sultan-.
1.40 ' NTV . ... ... . i
1.00 ' Nippon Yusen-...
2.55 ~OM Motor .. .
_ ’ Niastun Flour .
? an ’ on, ?. inhin «**»’ •
1.48 —0.07 Nomura
*■"3 Olympus
"n n- 0r< ® nI Laasing . 1
-0-W Pioneer 1
1,2 • rt m Renown.,
?’i2 Rlea,,
W5 . -g-fl Sanyo Elect- ...
i'o5 8*000*°
■S! ■ _0 ' n * Sekisui Prr.fob
l Sharp
7.18 • — .. . Shite'do. .. .
i'S* '•„» S
1.33 -O.OS stamay
!.28 ; *0.06 S’tomo Marine
1.05 1 -O.OS Taihel Dengyo....
:.30 J —0.02 TalseiCorp . ....
Whaelobratr F... 30% j 29%
Wheeling PItte...' 12% 12%
Whirlpool... 33% 33%
White Comottd-I 24% . 23%
Whittaker. 19 287«
Wiliams CO 13% 14
Winn-Dixie Str... . 36% 56%
Winnebago 6% 6%
Hudson Bay Mng| 14 14
Hudson's Bay— 18% 18
Husky Oil 5.12 5,25
I Imasco ; 42% 42
Imp Oil A _...' 26% 25%
Inco 10% 107*
Indal 11% II
Inter. Plpo ! 19 19
Wise Elac Power 24%
Wool worth...
Wngley
wyiy
xerox
Merrill Lynch ,..i 26%
Sobering Plough 52%
Yallow Frt Syt ... 14%
20% '31%
Mac Bloodel 19
Marks ft Spencar 8%
Massey Ferg 2,21
McIntyre Mines.. 27
Mitel Corp 82
Moore Corp,. .... 37%
Nat. Sm Prods 4 7
No ran da Mines.... 15%
Emprunt4+* 1076 1,760
Emprunt 7% 1975.:6,990
CNE ..[3,205
Air Uqulde 439
Acqui tains — 98,5
Au Prlntamps— | 138
BIC 438
Bouyguet— 640
BSN Gel-vale-.... 1,308 ,
Carrefour— <1,418
Club Mediter H ... 507 I
CFAO 530 I
CF5 (Thomson)... j 138.5
do Banoalro.. I 174
Aug. 19 Price 1 +or Oa kb ridge. 1.48 ;
Lire ' — Otter Expl. f 0.35 j
— — - - ■ — Pancon .... l^Q 1
Aeelour Gen.. 137,»7B +5575 Pan Pacific. > 0.1 j
Bonea Com’la ..J 12,100 +75 Pioneer Co > 1.25 J
98.51 -1.5 Banco ConTIa ..J 52,100 +75
138 | +4.2 iBaatool IRBS„._ 74.4 +8.4
IVIW met I , WrUfc IW««1 WIW - ..... OswAg
North Bkn HHL...i 1.96 i -0.02 Tklsho Phorm» . 579
Oa kb ridge. 1.48 . Takeda 780
Otter Expl. .► 0.35 TDK 3,930
Pancon .... — < 1^0 1 Teijin 211
Pan Pacific. J 0.1 j TcJkoku Oil BBS
+4jTB«atogl IRBS ! 74.4 +8.4 (Queen Margt C. ; 0.10 I
_6 I Cerrtrals j 3,250 +201 ] Rockltt ftCofman; 1.70 I
+ OJT I Tokio Marina : 416
TBS
——■■■ Tokyo El ccLPwr^
7-okyo Gas
Credito Vareslno 6,700 '—361 Sarrtos ; 4.85 ! +0.K Tpkw Gas ' 106 ,
Flat J 1,685 .+ 86 Sleigh ftHC) > 0.79 ; -OJI5 Tckyo Sanyo i 391 !
Flnsider— — fa. +3.8 Southland Min’* 0.24 | TotarucSS:. 204 1
Invest- I 2,58b +190 I Toshiba 283
Soargos Expf....J 0.16 f — TOTO - ■ 39S
Montedison 1 +??. Jho*. Natwido... 1.46 t *0.01 Toyo Balkan +11
; ?’S2 Jl° UMALCona, l.BB ; -0.03 Victor 2.04Q
PlraUI Spa 1,306 +16 YallentCons 0.08 . .. Waccal 670
Sma VJscosa ...... 700 + 40 Waltons... 0.80 Yamaha 639
do Banoalro...” 'I 174 - I —9 + ?7i Tpo*! 1 2.B8
Cis Gan Eaux„-.! 396.5 —1,5 £1™!*!®? ; ; J 1° UMALCona, 1.9B
110a n PlraUI spa ....• ■ 1,506 +16 Valient Ccns 0.08
Cofimog ..- ) 118.9. -0.1 Snia VJbcosb ...... 700 +40 Waltons 0.60
Crausot Loire.,...; 76.5 -1.5 Toro Maid 12,850 * 650 Western Mining. 3.16
SK; r ??- do. Prof 9.699 *599 Woodslda Patrol 0.71
1 0.01 Toyo Balkan , +1 1
.. .. Toyota Motor. .. . 834
-0.03 Victor '2,040
Zenith Radio 10%
Nthn. Teleoom... 44%
Indices
ACTI
(atter
mont
iiefiec
jreces;
prote
perfo
outsit
. Thi
achie
grour
;reces:
.’indue
-fallin
‘rrmn 1
ifiiraUt
; “ahal
price
nion?
'dircci
iijiT tr
Las
w'fiolt
fGreii
Etiut t
vear :
18S2
2 bly
Minis
is wo
doubt
atiopt
53r Ai
Plane
l^ang'
j-Tht
crisis
saate<
fprei/
oVec
(a) c
tion,
curre
oxpor
■Jie re
away
into 1
cUitu
and (
ouet •
Brazi
'•The
NEW YORK -DOW JONES
1 • . : 1
Aug , Aug , Aug. Aug. Aue. Aug. ■ —
: IB IT ■ 16 • lo IS 1 11 High
Oak wood Pet 12%
Pacific Copper.,. 1.10
Pan. Can. Pat.,... 78
Patino. 19
Placer Dev.. 15%
Power Corn 9%
Quebec strgn '3.00
DNEL I 41. a *0.1
Oumex. 1.109 . —11
Gan. Occidental. 1 575 —5
fmetal «8.S -0,1
Lafarge-- : 191 J -5.6
L’Oreal : 897 •
Wpolworths 1.43
WprmaJd Inti...... 2.40
. . . Wacoal
Yamaha
-0J1 Yamazaki .
YasudaFlre . .
—0.01 Yokogawa Bdge.
NORWAY
t SINGAPORE
Since Cmpll't'n
High < Low
k ;?- *.7-
elndustr'ls, 828.M82l.2J.7S7.4I7U.0a 776.92 7 77.21 862^2
, 1 -4;1)
H'meBndt. 85.72, fil.SB M.W 60,06' 60.13 38,83 82.12
Transport. . 3 19.02 5 74. 58 289.5 r 293. 48; 202. 13 2P3. 17 539.45
' fi.'li
Utilities 111.78 112.SB 1C7.BZ 1BE.51, 1D4J2B, IB8.77, 1IG.BB
i l 17/61
Trading Vol
000-t 112,680 92,360 55^ 20 44,723' 50, DSD 49,000' -
776,32 1061.70
•1!)3» fJ 1/1/7#
65.67 -
112/21
893. 18 447.38
1061.70 41.2?
f 11/ 1/78/ t'2///52>
AUSTRALIA
All Ord. iT. l.’BOi
Metal ft Minis. (1.1/9S1
465.1 : 486.7 460.3 - 461,1 i
160,9 : 681.4 ' 646.9 {43.7 •
696,6 (4/1)
426,1 (Slit
446 2 r87>
289.0 137/
Ranger Oil 6%
Reed Stands A.... 11
RIoAlgom... 31%
Royal Bank 22%
Royal Trusco A.... lZBa
Sceptre Rea.. ..... 7%
La grand- 1,413 —27
Machines Bull,,..- 38 —0.6
Matra 11.425 -35
Mlchelln 8. 305 -5 Bergans Bank — 105 -0.6
Most-Henneasy 737 -31 Borrmgeard 105.5 *0.5 T
Moulinex. 30.3-1.7 Credit bank : 150 i +4 Choung Kong —
Pernod Rlcard .... 363 —5 Elkem 41,5 +l,s Cd*mo Prop.
Perrier ■ 176 —3.5 Kosmos . 330 Cross Harbour. .
Peugsot-SA 128J9 +2.4 Norsk Hydro-..". 282.5' *5.0 JJ»P0S«n9 Bank. 1
Poeleln 100 . -l.a Sjorebeand 172LS +7.S HJS S2i!5SiaiK»
HONG KONG
[ Cross Harbour.
Seagram - 60%
Shell Can Oil.
893.12 447.59 72.92
(12/81 (18/4 .'81) <6/7/521
1D5.22 165.52 ID.6
AUSTRIA <
Credit Aktien (2/1/82)
Steel of Can, a 1B%
49.4? . 48.62. 48.60 46,68
1 4Bj42 <18/81
<50/71 (20/4/69) (28/4/421
BELGIUM
Belgian SE (51/12/83)
95.51: (Cl ■ 182.4! IBM)
ft Day's high 858,54 low 626.10
_ • Aug. IS
DENMARK ' , | 1
Co pen n agon SE (1/1/7!) . 118.78 112.B! 1 112,4ft. 112.31-
Teak B 7.50
Texaco Canada..' 29.
Thomson News A lBis
Toronto Dom 8k.! 27%
Radiotech ......... ST79 —7
Redouts 872 .' -17
Roussel-Uclaf ...... 238.5 -l.s
8kfa Rostignol ...! 505 , +4
Tolamach Eleeb 697 — S
Valeo I 172.01
HK Kowloon Whf
HK Land ..
SWEDEN
HK Shanghai BkJ
HK Telephone. J
Aug. 19
• Price 1 + or
'Kroner —
Trans Can Plpo ..I 18J*
Irans Mntn.OilA. 7
WaikeriHi Rea.. . . 17%
Wasteoast Trans' 13%
Weston (Geoi....>: 50%
indusfl div. yield %
July 50 Year ago (Approx
FRANCE
CAC General (11/12/81)
Ind Tendance (51/12/81) 1 1HL0
98.1. 94.8 < (cl
111.4 108.il <ci
111.8(12/6)
124.8 (12/6)
Hj-rnm
87.7 (4/1 1
GERMANY
Aug. 19
I Dm.- I —
STANDARD ANO POORS
Aug ' Aue
IS 17
: Aug. ! AUf
• GERMANY.
. _ FAZ-Aktlen (51/12/681 216.18 217.28' 214.08 218.18'
Since Cmpll't'n Co mmarzbanki Dec 1955V 656.7 680.6 - 660,2 868.2'
AGA
200
-3
Aifa-Laval. ..........
216
-s .
ASEA (Freei
181
+ 1
Antra
467
—3
Atja* Copao
89
-3
Bolkfen
170
+ 1
Cellulose
280
+ 4
Eieotrofi/K
82.5
—0.5
Ericsson
357
+ 1
EssalteiFree)
149
-1
New World Dev™| 2.72; -0.3
Trust Bk.i 4.40 -0,05
SHK Props j 4.90 —0,15
£v» ra, ..Pac A... —I 9.60 +0.10
Wheel k Mard AJ 4,52, -0.09
WheelockM'tlme 4.00
SOUTH AFRICA
[World Int. Hie
Z 89.46 (6.-4)
729,8 (S/4)
214.06 r17r*>
HU (17.-6)
llndUBtlfJ 120.68 121,23 116.74. 115.62 114,08 1)4.82.157^8 114.06 1 1S0.96 • M2
•4/1) 112/8/ t2Billl80-rJ0-U/JS
(Cornp's'tc 108 .63 109.84 1C4.0S (OS. 83 102.42 T0Z.40 1*2. N Wt.42 140.52 . 4.407j
HOLLAND
ANP-CBS General < 1978/ /
AN P CBS IndUBt /187B)
AEG -TeJef— 31.41 +*.l «
Allianz Vers. j *38,5. -6.S Fagersta > 150 | +2
BASF 1 112.5. -0J Fortfa(Frae) / 171 !
BAYER 105.5: *02 MooehOom...J 101 1 +1
1 Price :+ or
Yon ; —
Abo room
ABACI
Anglo Am .. ..
Anglo Am Gold ...
Anglo Am Prop..
Barlow Rand .. ..
Buffels
CWA Invest
Currie Pinonee..^
2.75 *0.W
7.0 *0.2
38.75 -0.2
6-3 1
85.2; EM; 84.8,
87.4 V SEA ! 87.2 !
88.0 (10(0]
74.8 1 10/6)
*4,0 10/11
88.2 (4,1,
AUSTRIA
Bayor-Hypo 209 ‘ +0.5 Saab -Scania 1 134 , — 1
eayor-Voraln I 274.6) +5 ISendWk B tFrea); 167 ,
Indusfl div. yield %
■-HI 1 1 12/8 ■ 729/11/80 .'I'E/ifi
July 28 Year ago lapprok/
HONG KONG
Hang Sang Bank (61/7/64: 1806.66 lO4i.DS-.sn.B0 1 607.28 1146,12 (ll/l)
957.90 (16/6)
Price ’■ + er
BHF-Bank. : 200.5' *12 15SS d ^ , ;vi ii;- 215
BMW 178.3BI: *0.3 251“"“-,
Brown Boveri.,^.1 177 . -l.i • i?|
■Sommerabank...: 118 +1.5 iEJS 0 5^dSj-i tna
<»« *>■""" ' 4s ■ *> i^'disrass,”: iS
Voluo B (Free/.... 160
Banca Comm lteU1979j , 17!.81. 106.79; «4.13 IBI.SO; J1f.B8/JB/0> 1 147,90 (2S/7)
Indusfl P.'E ratio
Lang Gov. Bond yield
I JAPAN**
Dow Average (IM/JSj
Tokyo New SE (4/1/681
0087. 76 6860.8 1 8804.86 6918.4! 7026.56 (27/ 1)
• 513.&4' 618.48. 61 1.52 BIB JS ; 68SJ9 (27/1)
6884.56 (17.?1
511.B2 <17<ff)
Creditanstalt
Landerbank.
Perimooser
Semperlt
Steyr Daimler. ..
Veltscher Mag „•
Brown Boveri..„,| 177
‘Commerzbank...: 118
ConU Gum ml « AS
Daimler Benz-.., 1 297,5
Degussa..... — ...• 208
Do mag ' 119.2,
D'fcfte Bab oock. 133
Deutsche Bank., j 2SG
DU Schulthelu...! 163
NY. S.E. ALL COMMON
Rises and Falls
Aug Id Aug 17 Aug 16
NORWAY
Oslo SE 11/1/72)
• ! HBJi. 116.14 114.4s 115.44' 180.89 (28/11 198,12 (1/4/
Oresdnar Bank...! 120.5 *2.7 [ SWITZERLAND
GHH 176
Hap eg LJpyd. — 1 4B
*fi- # ;r
68.32 68.41 S9.73 59.54 71 JO .58.80
. iA/Ij i (12/8)
1»i/M Traded 1 , 975 1,918 1.912
Rises 1,230 1,562 1,149
Falls 486 151 399
Unchanged....... 253 205 364
New Highs. 208 -112 30
SINGAPORE
- Stra/ts T/mos (1068)
SP7.J5, 532.W U1M; HTjOT- 810.78(6/1) 567.07(10/91
Hoeehst* 104.7 -0.3
Hooach 29.5 + 1
Holzmann (R ) 400
Aug. 19
i * or
Priea ‘
Frs,
Ajinomoto 775
Amada 428
Asahi Glass....,..., 44S
Bridgestone ; 4£o
Canon ai2
Citizen, ... _ .. 276
Daiel 602
DKSO 464
Dai Nippon Ptp...; 609
Dalwa House 385
Daiwa Seiko. 390
Ehara„ , . . <34
006
Fuji Bunk. . . 500
Fu>l Film. . .. 2,3*0
Fujisawa . 1,290
Fujitsu Fanuc. . 3.650
Oa Bears.
Driefontom ^ .
FSGeduld.
Gold Fields SA.. .
H.qhwoie steel. .
KlOOf ..
Medbank
OK Bazaars.
Protea Hldgs . .
Rembrandt .. ..
Rennies,,
Rustenburg .i-
Sage Hteq.,.. ,
5A Brews
Tiger Oats, . .
Tongaat H-rietr* .
Ur.isoc
5.5 -C.I
26.55 — 0.4
80.73 -1.25
33.75 -0.5
6.5 *0.1
2-35 .. .
11-5 ..
a.l
3.92 -0.:5
2,45
4S7 -P.05
Green Cross l.BSo
Hasegawa .
He) wa Real Est
SOUTH AFRICA
Gold t IKh
Industrial (13531
• .. ..... j Alueulesa.. ..........
Horten ; 114.5 -0.5 I Brown Bovari - J
fu) . 610. & 404.1 ; 472,1
579.7 1 558.0 !
B68.8 (8/1)
711,7 tl/R
BBBJB (0/7)
607.6 (28/6)
BELGIUM/LUXEMBOURG
MONTREAL
SPAIN
Madrid SE (80/12/9)}
88.9? 88.93 m
WM (8/S) i 89.! I mm
All g. T9
Industrials
Combined
26S.BS- 758.10 253.79 254.16 i?2.79 (4,lj
260.71 847.74. 243.44 242.76 516.00 |4.1/
249,68 .21,6i
217,77 /21/8.I
SWEDEN
Jacobson ft P. (1/1/60
frtedf + or 66*i -ils iNoff-Rocn^ptcu 57,000 -375 KWSldS““::i aal
Unde 1 872 | +1 iHolf-Roch* 1/10: 5,725 -25 JACCS 36s
Kali und Bafz......; 142
Karstadt .....| 208,6
Kaufhof....-." I 180
KHD * I 180
K/oeckner 49,5
Clba-Geigy 1.225 -10
do (Part GertsU 995' -6
Credit Suisse 1 1,590 * 60
Elektrowatt ! 2,200; -35
595 —10
835 -10
1.225 -10
995' -6
Hitachi • 58i
Hitachi Kofa ' 505
Honda 667
Hou&flTood 925
Hoya 70o
: Financial Hand USSD .742
iDisccam of 23 i%)
581 -1
505 —2
667 J ■* 7
925 J *a
BRAZIL
49,8; -1,4 ] Fischer (Geo)
390 -10
ItchiCI S — 264
Price + or
Croc —
817.81 617.04 810.84
668.52 (22/11 66S.K :20/4)
TORONTO Ccmposlte 1 1471,9! 14A5.9; 1404.4' J402.9 1356.5 « 4 .1> I 1S53.7 (7'7)
SWITZERLAND
Swiss Bank Gpn.(!l(l!l68v 2S8.S 940.2 287.0 : 239.;
788.1 <1T/T)
287.8 (17/8)
NEW YORK ACTIVE STOCKS
WORLD
capital Intl.i1/1/7B)
- , 126.8
118.4 ( 18/8 j
Wsdnssday
Tsnd* ...
Change
Steel's Closing
on
Srtjckft Closing
tradrd
price
day
rrarled
price
1,946,71)0
2S%
J- %
Gan Motors .. 1,223.969
44%
1.678.200
68
—
We rnvt Comm , 1 . 1 70. 700
35^
1,478.200
20
- %
Mernl| Lynch ... 1.674.800
2B%
1.448,600
54%
- T »
K-Mart 1.038.6C0
1W.
1.227,900
2M 1
-2
Middle 5. Utd. 1.027.300
14
{*■) Saturday Aug 14: Japan Dow 6334.37. TBE 61BJ7.
Boss values of all indices 4ra loo except Ausirslla All Ordinanr end Metals—
500. NYSE All Common— 50; Standard »nd Poors— 10: and Toronto— 1.000: the
last namsd bssad on 1975. f Excluding bonds. i 400 Industrials. \ 400
Industrials plus 40 Utilities. 40 Financials and 20 Transports. c Cloaad
tt/fl ARBED...- ; 1.032 + 21
— Banq int A Lux . , a.ioo!
BekaertB. • 2. iso —10
ri7/8T ClmantBR. 1.S05 *-9
Coekerlll • 131
EBES 1,000 +85
ISfBft Elect robel 4,250, +80
bbp Febiinue Nat 1 2.750. +30
G.B, inno :..! S.BlOi +5
GBL i Brtix).- I 1.850 -14
... Gevaert , 1,725-' +15
2?"5” Hoboken 3^40. +50
* ISS Jntereom 1.41D -33
3 Krad/etbank • *,130! „
1JJ32 *aT Lufthansa »...[ 70 • +3.4
4J00 ; - - MAH-- -.-I ISO l ~4
2,130 -Id Mannesmann .,..j 128.31 —0.1
1.505 + 9 Mercedes Hlg ; 871.9 * l.g
131. . Metallgesson [ 193,5' -1.5
1,800 +55' Muench Raeck.u| 640 i
4,250 +50 Preussag : 175 \ +1
2,750.' +30 Rhein West Elect-' 168 +1.5
2,510! +5 Rosenthal..— ! 817 J
1.350 -14 Sphering ' 867.8; -0,5
1,725/ +15 Weoien 818.1- -rO.7
JJMO. * 50 Thjrssen 77.71 +1
+ 3.4 jlntarfood
Jelmoll 1.340,
138.31 —0 1 Landl# ft Gyr. 1
871.9 *l.g Noatle
rS 5' 8 , — 1-3 Oer-Buehrle. ;.j
640 I ...... - Pirelli-. !
iZs f Sandcz <Bi. 1
iff I * 1 - 5 Sendee (PtCtai..
SlZ .! SohindieriPtCtsli
a?ni J “S‘3 Swissair....:.
- r °.T Swiss Bank
Varta, 1«3
I2- 7 1
Swiss Bank. 372
Swiss Ralnsae., J 6,075
Swiss Velkshk. . 975
640 — IQ
S.200, — s
fleo- -30
213- -l
3.450. -35
534l -1
265
620' -4 '
372. -2
JACCS 36S .
JAL..,— :3.3m
Kao Soap ■ 47e '
KaaMyama ■ 6«o
Kikkoman^— 1 351
Kirin 35B
tfokuye ; bgz
Komatsu.. „ J -449 !
Komatsu Pllft...' 34a
Konlshiroku 543
Banco Braaii:""” : 14.95 Zja.Bj
BelgoM/n . 2.3fl
Brahma PP ... 7.00 *0 ot
Lojos Amer • • T.Js
MaRnesmann OP 3.70
Petrebrug PP. 11.38 -0 13
Souza 7ruz 1I.6G
Unipar PB. 8,00 — oia'l
■ — I Vale Hiococe, .. ]4.9o
Tutrinw C* r,67>=.1m
17S 3m. >
p :t dc w’a r :-TC- >E.
if Unavsiiabla.
Pan Hfdgs 6.OI0! ZZ1 1 VdJJjn-Wft**. ! 869
. lawiwvwnoit..:
tSSfcuaS::-" I 12* * bA l.^n Bank ; 8,765
VoOdwagan-
—y _■) Winterthur .......j 8,050
*6^ [Zurich Ins.. 14,000-
»***• SOeetooae
adExdkdiMod. *cuzzr*zr - K ,wbe
-lOOlxaEx alL
!Clo\&&
j
Aug, 19
Free
+ cr
'• r
1
>
-a-
Price
+ or
Bchj ft lead Bhd., .
i.sa
+ 0.12
. H.K.S
Cold Storage.
2.95
+ 0.01
: 11.3
DBS . . .
7.30
+ O.ZJ
*
Fraser ft Heave .
4.93
— 0.07
. 1.70
; e-B
— d!i
Haw Pnr
Inchoapo Bhd.. .
2,18
1.B7
+ 0.35
1 64
-0.5
Malay Banking. .
5.20
'■id.JB
5.50
— o.n
Malay Brew . „ .
4.04
3.75
oc&c . . . .
7.40
-0J3
6.10
-0,l\
Sinra Darby . .
1.70 ■
>0.87
! 9.45
*Q.U)
Straits Trading.
4.42
-on
28 J
12.2
+ 2.3
-0.3
UBO.. - . .
3.36
-e.os
. ^
1
Financial Times. Friday.. August. 20 1982
Cofflpaoiss and Markets
LONDON STOCK EXCHANGE
21
International investors stand back and profit-taking
reverses recent strong advance in Gilts and equities
Account Dealing Dates
Option
4 First Declare? Last Account
Dealings tions Dealings Day
Ang 2 Ad g 12 Aug 13 Ang 23
Aug 16 Sept Z Sept 3 Sept 13
Sept 6 Sept Ifi Sept 17 Sept 27
* ” Mow time " dealing may ttt
place from 9 am two butinew d»y*
•artier. ■’
International investors decided
yesterday to stand bade and con-
sider the implications of London’s
recent beady response to the fall
The announcement that appli-
cations for tite £800m issue of
Exchequer 10* per cent 1687 had
been allotted in full at a price of
98.75, two points above the
minimum tender level, and the
later one that the stock will not
operate as "a tap failed to check
the decline; official dealings in
the £40-paid stock begin tins
morning.
. Concern about Wail Street’s
recent volatility was even more
inworidinterestrafes Wall Prevalent in- equities. Leading
5*5?’ rijri shares were marked down quite
Si. T*5 STSer sba ”* “ °* opsniQ s w!
KitE?£“ g sufficiently to discourage some ;
initially resuming Tuesday’s
remarkable upsurge was another
factor urging & more cautious
approach.
This left t ehmowtaoiLhndon
This left the two main London
investment areas open -to profit-
taking and both showed- the
effects of persistent' selling as
small private clients, were
tempted by the large capital
gains burtt-up over the past few
days. Gilt-edged securities were
particularly susceptible to profit-
taking, which eventually caused
earlier resistance to crumble
Quotations surrendered a point
and a half of the sharp gains
registered over, the previous'
three trading sessions.
profit-taking.' and most sub-
sequently gaver fresh ground.
Uninspiring first-quarter profits '
from recetit pace-maker Plessey
•also adversely affected sentiment. •
Early afternoon * conditions .
became especially .drab and the*.
FT Industrial Ordinary share
Index was down 11.3 at . 3 pm
before New York's upturn soon
650
600h
550h
5001-
450h
400h
350
300
1980
1981
1982
but, in contrast, -George Bassett out the day and lost Wednesday’s
shed that much to 77p, while gain of IS to dose at 4SQp.
Rowntree Mackintosh eased 2 to
182p. Elsewhere, Hazlewoed Quiet MinftS
became a good market a^d closed
8 higher at 278p,.
Tnrner & Newall flat
Activity dn miming markets
subsided with interest subdued
by the lack of progress in pre-
cious metal prices and the
Miscellaneous industrials were downturn in base-metals,
featured by a fresh collapse In South. African Golds improved
Turner and ■ Naval 1 which fell/ at .the outset, but failed to attract
6 <o a 1982 tow of 30p on re- any- further support and eased to
oewod s&Jang / fuelled by the close l&ate-chaneed on balance
company's recent admission that although retaining minor overall
asbestosdS has cfahned more vie- gains.
its Rochdale factory than The Gold Mines index, extend-
it first reported. OtheMeaders jug.. its recent advance to a
^ rne ^. " PfofiJ-iakmg seventh successive trading day,
■ *** added 05 more to 283.7; Bullion
kington, at 200p, lost 10 and. Boots was finally 50 cents easier at $35.
gave up 6 to 241;. Unilever soft-
ened . 5 to 625jt as did Glaxo
755p and Bowater 198p. ■' Else-
where, recent pacemakers Dip-
loma and Fisons lost ground -ax
buyers wMudrew; ' .th e former
an ounce.
A number of features emerged
In Golds, however, including
Hartebeest 3 firmer at £261 and
Venterspost, winch moved up a
after .yesterday’s start induced a with .the boom in gilts. Discount - modest support after the Initial
steadier tone to leaveit a qet 9.5 . Houses took a. breather. Buyers mark-down and the leaders
down . at 569.7. The across the . withdrew and occasional profit? drifted -lower throughout the
board falls took the FT-Actuaries taking left Cater Allen down--10- session. British Dome, addition- prise termination of merger dis- South Africa almost a
Ali-Share index 1 per cent off .at: 35Qp.%nd.. Alexanders 7 lower: ally-unsettled by-a broker'6 down- cussions with Charles Hitt of cheaper at £34i. In the London
dosed 11 easier -at 272p and the further 32 to 551p, with both
latter 13 down at 395p. British teue ® -attracting American sup-
Aerospace dipped 8 to 228p and P QrL
De La Rue cheapened K to 4805>. Fioancials encountered profit-
Down IS last Friday on the sur- -taking which left Gold Fields of
. - Africa almost a point
Wednesday's rococd high. at 253p. Elsewhere, Hong Kong graded- profits • forecast, en- Bristol, Kennedy SmaJe recovered issues. Rio Tinto-Zinc dipped 10
„ aud Shanghai gave up 3 to SOp-on countered put option activity and 15 to 18Qp as buyers responded to 425rp unsettled by the retreat
Home Banks easier . Far-Eastern influences: the -Jell -.7. to 15Lp.. Gussies A shed 10 to an investment recommenda? by UK equities, while Charter
' The major' clearing banks gave inler ^2d U,t? ^ sphedu, ® d ior t0 5l8 P- » d w - H. Smith, gave up. tion. . Johnson Group Cleaners. . fell 6 to 197p. Gold Helds closed
■' 3 at 193p. A and J. Gelfer rose re$etitiy the subfeit of an un- only 2 easier on balance at 44 Op
dav’s movement hv orpvims rfjv’s chsm'^mc • ■*?“ ^u*u- a. couple of pence to 55p follow- welcome bid from Sunlight Ser- as persistent profit-taking was
^ poslte to ™P«t tntenm ing" the satisfactory full-year ■ vice* whaefe was referred to the partly offset by sizeable fresh
S2 s J- t0 , ~®, a jke profit-taking after further cod- results on September 1, lost 4 to results-. • while B. Paradise Monopolies Commission, rose 6 buying.
E^ZTSSeX *SS B 2Si^l £l££EJto.FE2tr «»««•* r>l"« .«« S'?S? &&?«>!?•*«»““ •n.»«w m
RECENT ISSUES
EQUITIES
j*> a' n
Imuo (g=>| sc
price
P
qq
8
146
■#
1388
faSsjl
t M j&v
!<“. K I High Low
SQ/7
7/B
10/9
\f.p,Izo/u}io 6
HlJfoWBplERjrfS
;°a i — is Siss,oSr-nj
•3>Angio-Noraic Op ...I 36
Antofagasta HldgwCll 75
Argyll Foods Warr’ta. 18
Atlantis Rat. Int 39
Baradin Holdings 5p‘ 24 ,
■f-Blo-lsolatea lOp j 72 K-2
■{■Coleman Milne lQp 45
■FDelmar Croup 30
SIS Ei
1° SFgrf
+ i
96 1‘f'Ecobric Now OntEl • 96
00.89! 3.0[ 3.6-19.7
7,0 |3.di I5.3( 2^
0,65| 1A,
ill A! 3-2
.3. 9jSS.fi
■47b;
Ul.BS! 2A\ 8.0; 7.4
bdW.S 1.81)6.61 4.5
80
f220
<80
<137
qi20
qq
F.P.I -
F.P.;24/9
qq
» E
qq -
27;9
6/8
F.P.
F.P.
F.P.I
F.P.
JF.P.
F.P
F.P.
F.P.
F.P.I -
63
58
282
60
30/7 119*7
27/8
24/9
172
178
26
381;
13
44
36
87
48
259
48
160
163
170
20
32
11
57
* Do. Defd..._ I 60
S>Haason Pet InL Sp< 52
iflnt'eurooBTeaft.200‘160
•^KnightCmptrlntfipj 48
*McCarthy&Stone...'l9S
Multitone Elect 170
Pactrol Electronics.. 1 175
RITfrNorthernWar'tsj 21
Rowe Evans inv. I0p.|
•FBhero ton Sacs tip..
Walker lAlfred) 10p.,
-2 I - -
...... I u 4.01 1.3 3.W2A
2,o! 4iB 16.5
! 'bdl.6 2, , .
1-2 165.75 a.7 4J211.8
-2 Iu2.52 3A|.S.x!».l
28 ijiYelverton In vs. 5p„
31 !
11 S3.
F l- 5 zj^iz
- - 1 - lie . a
39 I 7!Jb0.75 SA|8A>7,5
2B -1
FIXED INTEREST STOCKS
Issue 1 §3 '■£ ce! 1988
price | on
<s
d>T3l— — ■ ■ ■
“ . High , Low I
Stock
BMI | .
e _ 1
1 S°
1.5-=
I on.
F.P. j — 60p I B2p Antofagasta 3,5?! Pref.ff 1) 1 53 p
89A28 !£2o' ' - I Ms's; aluiAuatralla 13ii$ Ln.20i0..:..:....'.. 27 ' 14 -ra
1100 , f.p. 29/7 1 100 ic 1 05 iCronite 14% Cnv. Uni. Ui.'B2_ 98. ;
100 F.P.i - lOOSal ! Nationwide Bdfj. Soc. 117*4 (15/8 1 83). 1003a -1,
99.3461 £85 - I 311*' 841*Inbw Z oaJand 14^% 1987 33»a,-J;
100 } f.p. 9>9 1081-100 1 Portsmouth Water 14% Red. Deb. 'B2.-106 Ml
S|lt£l [ F.P. 1 3.-9 ' 82 1 62 Smurf It MefTaraont Prof. UnlU 2p i BE
qioo j £10 17/11' I5itl 13 i-l Wart Kent Watar8>i%Red. Prof. 67-89) 15i*|
“ RIGHTS 99 OFFERS
net^» 63 U «, a ***** up 8 of recent S 1 ** 1 rise which? support and advanced 5 to 37p. oi the iateom statemenL
net -.63. or 3i per cent, since the tighten iheir profit margins. f D ubwed the Haif.ve.riV UaW r^nMni.
beginning of the week. Short-
<?j/ts. witintw iws sssa«¥ SPJTr. ^'zssj^SLrsSri P1 - essey faU
.followed the half-yearly : state- _
Uij quashed, the gadns estabtisbed
_, First - t l f u ff ler profits from
fared slightly better, than the as did Midland, to 306p. Lloyds t0 2 42p; it was announced Pl«*sey. f eU around £3m short of attract Intact on recovery
longs in which fails ranged to If relinquished 7 to 398p. Partial- yesterday that the three too men epectations and the shares, prospects and added li for a
points. larly firm- of late in sympathy on the company’s pension side^ ^ ..already down to 53 Op ahead of two-day gain of 54 to I8p.
*- — - the announcement, fell further
Australians re-
mained at an extremely low level
Components usuafly with dealers and investors await-
FINANCIAL TIMES STOCK INDICES
*33
■*St
Aug.
17
Aui
»
Aug.
13
AU
a-
A '
year-
ago
Government Sen. 76.88! 77.80
Rxed Interest. 1 76.96 76.571
76.42
75.09
76.49! 74.2 sl
74J23| 74.02
545.8; 544.8
558.2 ;
270.0 i 265.6 1 262.0|
5.31 . 5.4Z| 5.42
11.80 ! 12.03, 12.04
ejOBj 9.33
B.sd . 14.13
3631 16,443
Industrial Ord ;. 569.7; ■57921
Gold Mines 283.7;- 28Z.S
Ord. OW. Yield..... : SJl\ 5.13-
Earnings, Yld.% (full)| 11.5B| U.4l|
P/E Ratio ineti 10.36 10.53! 10.17 1 9.98; 9.97
Total bargains ! 26,aso! 27.682 1 19,274! 17,170 17, SB2|
Equity turnover £m.l — . j 272.30' 128.S5! 102.97| 128.95
Equity, bargains. ) — -J 10 .330 1 1,902 1 10,295 12,269) 10,356! 1 1 , 942
10 am 570.3. 11 am 571.0. Noon 571.5. 1 pm. 569.0.
2 pm 568.9. 3 pm 567 J.
Basis 100 Govt. Decs. 16/10/26. Fiasd inu 1328. Industciall 1/7/-35..
Gold Mines 12/9/56. SE Activity 197*. .
■- Latest Index 01-2*6 8026.
■ * Nil 9.66.
73A5 65.01
73.64i 68.50
544.9-* 560.7
. 266.9J 372.0 '
5.43[- 6.34
12 A
9
14,363]
ua.40j 116.10
HIGHS AND LOWS
S.E. ACTIVITY
1982
Since Compllafn
Ail
it- ; *ff
Hl0b LoW ■ High , Low
; —Dally
Govt. Seas...: 77.80 61.89 '.187^4 , 49.18 ‘“{ULSSlSj
Fixed lnt.... ! 76.98
j (»■ «/
Ind. Ord 694.0
1 II/SJ
Gold Mines.. 50 2.0
■ tSfll
(!■!■> . (5/11 ( 8 /I/W 1 : (5/1/76)
389.0| 325.0
125.2!
550.4
77.1
259.8
82.79 1 150.4 I 60.53 , Bargains...
<7/11. .1(21/11/471 (3/7/751 Value
818.1 , 597.3 ! 49.4
ts,u :(H/4/.1> (tf/SMD, ; 304 9 2731
181.2 : 558.9 . 43.5 'Equities
l22/B) (tt'S/BO) (2 B/ 10/71/ Bargains—
83.1 ! 69.9
Value ! 502.8: 2 33.6
have' left to join Schrodere.
iog a clear indication regarding
the date of a possible Federal
election.
The recent budget failed to
arouse much enthusiasm and
Tn ...in. „ share prices drifted lower in
2L2Sr^.^a^:"5ffi. quiet trading. A number of the
c 4- e ' . , to close 22 lower at 51Sp. Thofn J t/Z '• Q^et trading
Sporadic profit-takmg and -a EMI Inst" 13 h> sympathy to 422p. speculative issues were sought
1 1 r . . — ■ - jcuui ini m id svmpamy 10 J '~'p urnr- e ,iu. , ayci-uiauYc i»ura ime auujju
jack of. . fresh • support left, philips Lamps, however, rose 12 after - but fading stocks ended
Breweries at the day’s lowest. to 520p in response to increased L “® becurities 4 to 284 p. wft3l 1(fJtIe overall change.
-S^Save up 6 to 254p, while second-quarter earaings. Else- Oik nnipt * !.•
' Whitbread. 128p, and Allied where in Electricals, satisfactory ^ quICT
tyonsv -i^iip eased 3 and- 2 preljmlhaiy 'statements prompted Activity an the Oil sector foiled
•respectively. Grand MetropollUn, improvements of 3 and 10 respec- to ■■ expand. The lack of any. fresh , HIMUC ^ lowu -
an exceptionally buoyant market tively in Dale, 75p. and Louis lead from Wall Street coupled ably with 1,926 ^ontnacts
were relatively. res^eDt NcwiBark , 200p. Cable and Wire- W* continuing fears that Opec done. Racal attracted 127 calls,
cloacda-coyleofpence les5 met profit-taking and shed “*y rednee- erode prices saw o[ widch iog W ere struck dn the
Cheaper at 269p. . Scottish and ; 7 a73p . . leading issues open lower. Prices recentiy buoyant November 500’s.
with little overall change.
Sharp falls in underlying
security values precluded any
real interest in Traded Options,
although volume held up reasoc-
itsuoi ;
price , i
P I <a 1
Latest
Rcnunc.
date
1982
High I Low
srook
'If'
• Tia
180 , F.P. I 818 32/lOj 845 j 224 Automated Security lOp
100 Nil — — 1 40pm S7om ^Berkeley Exploration £1.J
103 F.P. I 6 .B 17/9 ' 132 . 117 iBIundaH-Permoglaae J
78 I F.P. ! 2/8 17/9 64 1 80 Goal Pet. 5p
25 . F.P. i2B/7 3/9 | 2Sii' 2l .jenke & Cattail .!.
78 f Nil ; — -- 100pm 92pm Pactrol Electronics.
245 :
57pm -—7
U9 ......
82. • -....
21 —I
95pm
Urm.ien/rife m ‘j ^ _ I CrtCll U V UUU^dDl ^UUCUIUCl dUU D-
ssr&i irrtjrftst: i~**.**!~n Ef&t&szsrdsTz <*•«
RooundaDoo date otually last day lor dealing free ot stamp duty, ft ngurea
based oa ptoepeotue Mtlmat*. a Dividend ret* paid or payable on ■ pert <4
capital: covar based on dividend on fuU capital, g Assumed dividend and yield,
t Indicated dfvtdeod: cover mates to previous dividend. P/E ratio based on' latest
annual aami age. u Forecast d/vldaod: covar based oa p rainoua yoar'a eamhiga.
F Dividends end yield based on prospectus or other official estimates for 1S83.
Q Gross. T Figures assumed. ® figures or moon awaited, t Cover snows for
eonveraloa of aba res not now ranking for dividend or ranking only for rettrietad
dividends. S Plsoinn price, p Pence unlesi otherwiee indicaied. 1 1ssued by
tender. Q Offend to holdars of ordinary shares ea a ~rtghts.” M Issued by way
of capttsllasdon. §5 Reintroduced, n Issued in connection with raorgenleedon
merger or take-over. BB Introduction. □ Issued to former preference holders.
■ Allotment lenten (or fully-paid). • Provisional or partly-paid ailotroant letters.
* With warrants, tt Dialings under special Rule. •£■ Unlisted Securities
Market. 44 Loiyion listing, t Effective issue price after scrip, t Forma rty
dealt in onder Rule 163(2) (e). *t Unit oomorielhg five ordloaiy and three
Cep. aha res. 9 Issued free as aa entitle mam to ordinary bolder*.
trend, adding a penny to 70ip. ^SlSSt (i P 7^ ami. fimdiedjhe dayjrith HtUe SrfS 22^
following the chairman’s ronr-- nKK enAinoA Zr ,, alteration. . BP and Shell ended cafls and 177 nuts transacted,
ments at the annual meeting/ J* ^ « unchanged at 27ftp. atfter 266p. 177 ^ lransacle<L
The slump in half-year profits B Si!£ y I aod 394^. after 392p. respective^.
^d .the warnio* of a matonal Trusts followed tie downward
reduction in the annual figures
prompted 'selling' of William
Whittlngfiam, which fell steadily
ter close around the Hay's lowest
with a tall of 26p at 102p. Other
Building- issues turned - -’re-
actionary after Wednesday's good
performance. Blue : - Circle
couple of pence lower at 348p,
Interest in secondary issues
slackened considerably, although
movements In response to trading
statements - provided a .little
activity. J. SaviUe Gordon moved
up 5. to 54p in response to the
increased ■ dividend and profits.
watered 10 to 413p and BTB "^ile tbe MtSKr PW-
S In ‘ 447n. whilt Tam.c.: i«So : '“'d 1 Md return to profltabje
“ Sf-’SS'SS?
meet scattered offerings follow- -
int the recent announcement of £.° sed a P“g
lower annual profits and lost 1} 2 £h b iSlS^SS7hv
more to 281p. *• results being offset bj the state-
. ment on current trading.
ICi ended a couple of pence Foods fared reasonably well
trend in -the equity sectors, but
losses were usually limited to a
few pence. Among Financiais.
the recent active. trading in Gilt-
edged directed fresh attention, to
Akroyd and Smith ers which ad-
vanced 9 more to 269p.’
. Leading Textiles mirrored the
general trend and fimabed w»oh
modest fails. Selected secondary
Issues, however, made us<ul pro-
gress. Marks and Spencer sup-
pliers Corah -atraeted a brisk
OPTIONS
First
Deal-
ings
Aug 9
Last Last For
Deal- Declare- Settle-
ings lion ' ment
Ang 20 Nov 11 Nov 22
Aug 23 Sept 3 Nov 25 Dec 6
Sept 13 Sept 24 Dec 9 Dec 20
For rate indications see end of
Share Information Sendee
Stocks favoured for the call
trade following the near-trebled j nc i U ded James Finlay, Hntchi
interim profits and closed 2i to son Whampoa, ICL. Turner and
the good at o5p. Favourable Press v-ws.ii
response , to the preikmnary
? e gSSd a mS^t W of Ie iat e “ t °M- most prices holding close to jS® 61pfbut JPJJ* , ® ambro l Bank
SSwa » ssrssr
S iSi m d e<Bed 3 ne ^- Confectioners Needier* profits and dividend forecasts. British Home, while doubles
io itsop. interim figures scheduled for In Tobaccos, Bats were sub- were done in First National
Stores failed to attract even next Thursday, rose 4 to 58p, jected to scrappy selling through.- Finance and Philips' Lamps.
ACTIVE STOCKS
Above average activity was noted in the following stocks yesterday r
Stock
Closing
price
pence
Day’s
chance
Stock
Closing
orice
pence
Day’s
change
Alticd-Lyons
.. 12U*
- 2
Freon s
. 395
-13
BAT Inds
..
-15
Plessey ; ;....
.. 518
-22
Bsrcfjys Bank
372
-33
Thom EMI
. 422
-13
British Aerospace ..
. 2M
- 8
Turner & Neural) ...
30
r- 6
Corah
K
+ 2h
Whinmgham (W.) .
. 102
-26
WEDNESDAY’S ACTIVE STOCKS
Based on barusin* recorded In SE Official List
Slock
Wednesday' a
No. ot closing
pr<cs pnee Day's
changes pence change
Stock
Wednesday's
No. of dosing .
price price Day's
changes pence change
Cns Gold Fields
15
442
+ 27
GEC
13
nov
+
RTZ
15
435
+ 17
Glaxo
13
760
+10
BAT Inds
14
495
+ 15
Grand Met ...
13
271
+13
Brit HomB Sts
14
153
- 2
Unilever ....
13
630
+25
Ferranti
H
440
+ 10
Barclays Bank
12
3B5
+17
ICI
14
292
+ 16
BP
12
270
+ 4
Cable & Wire
13
280
+23
Plessey
12
540
.+10
FT-ACTUARIES SHARE INDICES
These Indices ve Die joint co mpd a t i oo of the Financial Times, the Ins&Me of Actuaries
and the Faculty of Actuaries
EQUITY GROUPS
& SUB-SECTIONS
Fl 9**t hr p ar toO me t show wsnbcr of
stocks per section
Thurs Aug 19 1982
I«le»
No.
Change
%
Est
Earatags
YiaU%
(Us
Gran
O*.
Yietd %
(ACT
Est
P/E
Ratio
(NeO
Wed
Tubs
Mm.
. Tri
Atq
Aug
A-9
•
18
17
U>
13
Mb
Mb
l*fcx
Index
No.
Ml
No.
Ml
. Year
ago
Uppraac.)
NEW HIGHS AND
LOWS FOR 1982
NEW HIGHS (75)
COMMONWEALTH A
NS ijl
AFRICAN LOAN
Rhodesia 3i : pc Do 4tsc ‘87-82 Asa
'so -as am Zimbabwe Ann
No. •
CAPITAL GrtOtM (7Q9} -
4U0
— X2
939
410
1336
41551
40121
39528
39304
57X75
34471
• — X7
2X93
534
10j44
35055
33753
33305
33316
32451
3
Ctrorsctintt Construction QB > — — -
64i_a
—2-2
13.65
451
8.76
64978
62939
62223
61983
58403
665
X99
1958
lMIff
1593-1*
156143
154741
1ZS8
474.41
-xo
14.00
637
852
<79-15
468.45
46818
475.39
499.89
ZOOM
-xo
1206
£87
9.95
28258
19654
19400
15331
212.93
3056
15357
14849
M535
9
Motors (20)
BUI
— X5
3uG3
159
82 AS
78J9
7738
77.95
18471
10
347.5
3055
6J4
3X49
34871
33858
33854
•33748
397.98
CONSUMER GMUP (202)
32939
—3-2
3233
530
9.98
33322
32255
31759
316.76
289.95
22
37L9C
. -1-3
2286
5.59
445
37658
36523
35439
35X99
305.72
25
Food Mamtfiattuiiiig (221 ■
28L6S
-06
16.09
645
726
28339
27497
27151
278.44
27141
26
Food Retailing (14)
69tE
—03
837
322
1431
698.44
67355
66860
66309
56034
27
5072
-OX
677
335
17.41
51158
49652
49801
48868
3763
29
Leisure (23)
4UUfl
—3-7
10.06
551
1268
42537
40837
40101
41453
46263
32
Newspapers, PubSsMng (33) '
529.M
- 02
3202
3038
53055
52655
52536
52464
49658
1723
7.93
675
14232
irau
13453
13X67
15473
34
StortfS^45)_U. i
29401
-X5
9L9I
ATS
1341
29859
28857
28553
28549
.26933-
35
Textiles (23) ;
164,82
-XO
33.94
649
8.74
16645
16350
16369
16X82
36
34937
-25
2290
7-91
488
35849
34859
34923
33813
26629
26X.M
—ox
655
600
3030
26126
25634
25553
25560
287.97
41
OTHER GROUPS (76)
25707
-xo
1320
656
931
25951
24858
24528
24629
23607
333.bC
-08
14.73
738
857
33631
32036
31503
31907
29708
44
Office EraAproent (4)
100-05
—22
1626
8.73
735
18226
9826
9630
9493
11466
45
SMpfdng and Transport (13) —
563-52
-OA
J359
728
928
56358
54634
542.92
5C04-
S4L9S
46
MsceflaneoiB (44)
343.77
— X2
1130
553
1051
3*7.99
33322
32901
33056
31207
49
DOUSTRUU. GROUP (487)
34630
—2-2
31008
Sl
<W* fl3»
67X07
—0-2
77X05
59
500 SHARE INfW
373.14
-XO
13.01
533
921
37756
36538
55957
-34754
61
24836
-lfl
_ 695
25X58
2C39
23934
2009
27666
62
Banla(6)-^
259.47
-28
3956
922
282
26754
25859
249.70
25434
28149
63
Discount Houses —
272.06
-15
—
8-59
—
27621
26287
25606
24856
27570
65
27X52
-►0-5
674
— •
2/028
26X12
25808
257J1
29155
66
1 raurance ( Composite) (10) — — . —
157 ja
-02
—
950
157.92
35544
15X53
15048
18504
67
523.01
-02.
1056
4%
12.81
52427
525.41
51X09
51475
42564
68
34X51
-X«
627
—
34337
23926
13952
13946
17X98
*27.50
-XI
5.42
350
2458
43224
42158
42X65'
41046
49410
70
Other Fhranrfal (15)
165.28
-05
1853
7.03
619
16631
16150
15725
16027
18508
71
30X75
-02
— •
5l49
—
382JX
29044
28851
287.73
32804
fit
216.25
-X7
1452
656
837
21959
28950
2QU4
2S2J1
28X72
91
36X37
-16
1451
856
Mi
36722
355.75
35896
35531
43X96
99
ALL-WARE INDEX (750}
340-29)
-L0
—
553
—
34330
33315
3Z7J6
32747
33X68
LOANS till
Ffl 14o« ‘S3 Do B’lDcLn '92.87
FFI:(UKi IU.dcLh Nationwide I4i.sc
'00 4.4 .45
□a 12'-«>cLn 1992 Dp 14>,pc 25A.S3
Do-7tisc A tib Do 13 soc 253.83
‘BV-92 Do 13 L‘i«P« 3.6. »S
00 7l,cc A Db Do 13>ipc 25.7.83
-91-9*
FOREIGN BONDS fZ!
Hvflro Quebec Iceland i*scLn 201 6
ISpcLn 2011
. AMERICANS («»
Alcoa Gillette
Amer. Medical Int Lewes
CANADIANS ill
Imperial Oil
BEERS II]
Wolverhampton & Dudley
[ VALUE OF
COUNTRY
CURRENCY
DOLLAR
COUNTRY
CURRENCY
BUILDINGS 161
Aberdeen Conw Redlana
Fairclough Coits Trent Hokiinas
McLaughlin & Wettern Bros
Harvey
Brown (N.1
Gel to-
STORES (4 1
Home Charm
Northern Goldsmiths
ELECTRICALS 14 1
Cambridge CJe c Dubiher
Cont Microwave Feedback
ENGINEERING I4»
Brick bouM Dudley Lockor /T.)
Farmer IS. W > Seville Gordon
Hazlewoed
POODS 111
INDUSTRIALS til
AIM Russell iA.I
Ozald Fin Cv SleM Goman
Pitney Bowes Ln Watson <R. K.)
Ricardo
FIXED IMTEftEST
PRICE
nwees
Dm
Ant
19
Ws
dange
%
Wad
9
xd«4>
U&jf
M
1
137.96
-1.72
11 a jn
1i H
.2
.M5jrars_ L
32U1
-104
32SJ5
—
906
X
Over 15 yaws
13065
-121
13X23
—
817
4
hredeenaUa^^-.
13X0
-8.77
33338
—
727
'5
Mb*
13-99
tUS
32X28
- '
841
c
9737
4037
9701
■gMi
HMi
E3
H
tajs
EEU
C3J
n
EH
AVEXttE CROSS
REDOVTIOM YIELDS
4 Law 5 jobs. -4
15 sms.—^
35 jms-w-
i
y
m
Bl
prj
B>^J
B<-k' K
V L. R
FTj
1
B-f -B
Pj
Blkfl
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EwvLvSI
B • <!" a
■ Lta
WVWi
i ' ■
17 m
12.*
ram
1L8B
13JB
13X2
1A84 1AM
1549
15.7?
15M
15*’
t FtttTMd ttiohs and tow raewiL bo* ttaUL vabn aid caroutuent ctimHan jaAfUcdln Sahirfoy hmes. A new Itttuf cenOKuents Is
oSSoioSS FteSl Tfcm. Bractam House, Cannon SM London, EC4P 4BY, -price- 15» hr pea 2flp-
. INSURANCES (Tl
Prudential
LEISURE Ml
Anglia TV A Radio City A N/V
HTV N/V Scottish TV
MOTORS <11
Brit. Car Auction
TEXTILES 121
Corah Martin fA.»
_ TRUSTS <101
Alliance Turn Murray Western
Ambrose Inv Inc Rosed' mo rid Cap
Anglo-lnt Asset Shs Solit Inc
Darae ilnci Tor Inv Inc
MAG Dual Inc Akroyd A Smlthen
MINES 19.
Durban Oeeo Venier«DO«
Grootvlel Loraine
Kinross Uni Ml
SA Und New w its
UOanon
m
WORLD VALUE OF THE DOLLAR
Bank of America NT & SA, Economics Department, London
The table below gives As rates or -exchange lor the U.S. dollar against various
currencies as of Wednesday. August IB. 1982. The exchange rates listed
ere middle rates between buying and selling rates as Quoted between
banks, unless otherwise Indicated. All currencies are quoted in foreign
currency units per one U.S, dollar except In certain specified area a. All rates
to be
quoted are Indicative. They are not based on, and era not Intended
used es e basis for. particular transactions.
Bank of America NT and SA does not undertake to trade In all listed
foreign currencies, and neither Bank of America NT and SA nor the Financial
Timas assume responsibility lor errors.
Afghanistan Afghani (Of-
Albania LeK
Algeria Diner
/Fr. Frone.
Andorr *' 1 Sp. Peseta
Angola Kwanza
Antigua — - E. Caribbean f
tit) (9)
ANZ
NEW LOWS (22)
BANKS (71
N«r Bfc Amt
BUILDINGS fl)
Whirtingham
smites in
Lowland- Dracery
ELECTRICALS HI
Vltatron N/V
ENGINEERING I3r
Maopm BstrliN# iG." B.>
Midland Indi
INDUSTRIALS 15)-
Amber Ind Stanelco
Berwick T;mpo Turner A Newell
Scblumbereer
PROPERTY <1l -
Carrlan Inv.
TRUSTS Hi
Y ale Carlo
OIL & GAS (4)
Am Oil Fields Penine Res
Cluft Dll Piet Pel
OVERSEAS TRADERS fll
Bou stead p LANTAT|ONS m
^ MINES (1)
OopetiB. Coos.
Argentine.-
Australia Dollar
Austria Schilling
Azores Pert. Escudo
Bahamas. -...Dollar
Bahrain Dinar
Balearic Is — Sp. Peseta
Bangladesh.... — - Taka
Barbados — — Dollar .
RAlahim i Pranc (Cl
B * 10 um 1 Frano(P)
Belize Dollar
Benin — C.FJL Frano •
Bermuda...... Dollar
Bhutan...,.- Ind. Rupee
Bolivia Peso
Botswana. Pula
Brazil Cruzeiro
Bronelr..: ; Dollar
Bulgaria Lev
Burma. Kyat
Burundi—.-.: Frano
Cameroun ftp. C.F.A. Franc •
Canada - Dollar
Canary Is. Sp. Peseta
Cape Verde Is Escudo
Cayman (a Dollar .
Can. Af. Rep._ C.F.A. Franc
Chad ; C.FJL Franc
Chile Poso(0).{5)
China J Renminbi Yuan
RISES AND FALLS
YESTERDAY
Rise* Falla Same
British Funds
87
8
Corpus Own. and
Foreign Bonds ...
23
7
48
Industrials
204
359
757
Financial and Prop.
Bl
20b
2Z7
Oils
IS
40
50
Pfantations
2
4
16
Mifwe. -
0
35
51
Others
59
41
45
Totals
442
792
1,208
Colombia.. Peso (O)
Comoros .. - C.F.A. Franc
CongoP'pie.Hep.of C.F.A. Franc .
Cuba ..Pew -
Cyprus Pound*
Czechoslovakia-... Koruna iOx '•
Denmark Krone
Djibouti Rp, of—. Franc .
Dominica E. Caribbean I
Domln. Rep.......... Pew
.ISSS" 1 '
ISSSS
El Salvador.,.. Colon
Eq’tl Guinea........ Ekuala
Ethiopia ^ Bl rr -101
Faeroe l« Dan. Krone
Falkland la Pound* •
FIJI—: Dollar
Finland Markka
France Franc
Pr.Cty In Af. C.FjL Frano
Fr, Guiana. Franc
Fr. Pac. I«- C.F.R. Frano
Gabon C.K.A. Frano
Gambia^— Dalasi
Germany (E] Qstmark (O)
Germany IW) Mark
Ghana — Cedi
Gibraltar....... Pound*
Greeoe Drachma (6» ■ •
Greenland.,.,.— Dan. Krone
50.60
5^331
4.644
6.89
111.20
30.214
2.7025
40000.
23000.
1.0297
.17.365
65.86
1.00
0.377
111^0
22.08
ZJ)1
47.235
49.96
2.00
J44.30
1.00
9.5969
4400 •
10963
189.43
2.165
0.961
7.8942
90.00
544.50
1.2337
lll^Q
. 54.70
0.835
344.50
344.50
.63.50
1.9612
65.17-
344.50
344.50
. 38.125
55.00
0,8297
Z.0B14
■ 6.20 ■
8.6375
177.72
2.7025
1.00
33.00
6 4.00
1.4286
1.2166
2.50
222.40
1,9867
8.6273
• 1.7325-
0.9537
4.75
6.8B
344.50
6 .39
115.507
344.50
. 2.3101
2.4707
2.4707 ■
2.75
1.7313
• 69.75
8.6273
VALUE OF
DOLLAR
I
.
; VALUE OF
| COUNTRY
CURRENCY
j DOLLAR
Grenada E. Caribbean S
Guadeloupe — Franc
Guam — U.S. S
Guatemala Quetzal
Guinea Bissau Peso
Guinea Rep- Syll
Guyana. Dollar
Haiti Gourde
Honduras Rep. Lempira
Hong Kong — Dollar
Hungary. Forint
Iceland Krona
India Rupee
Indonesia Rupiah
Iran Rial (O)
Iraq - Dinar
Irish Rep_-_ Punt*
Israel Shekel
Italy. Ur a
Ivory Coast. C.F A. Frano
Jamaica Dollar
Japan Yon
Jordan Dinar
Kampuchea. Rial
Kenya.. Shilling
Kiribati— Auer, Dollar
Korea (Nth) Won
Korea (Sthj Won
Kuwait Dinar
Lao P’pls D. Rep— Klo
Lebanon Pound
Lawtho — Loti
Liberia Dollar
Libya. Dinar
Uechtanst'n— Sw. Frano
Luxembourg Lux Frano
Macao. Pataca
Madagascar D. R. . Franc
Madeira — Port. Escudo
Malawi — Kwacha I3j
Malaysia Ringgit
Ualdlve In. 1 Ru,l » aa
Maiaive ic. , Rufiyaa (M)
Mall Rp, - - Franc
Malta Pound*
Martinique Franc
Mauritania Ouguiya
Mauritius.,.. Rupee
Mexico Peso
Miquelon Fr. Franc
Monaco Fr. Franc
Mongolia Tugrik (01
Montserrat E. Caribbean f
Morocco Dirham
Mozambique — Motlca
2.7025
6.BB
1.00
1.00
40.4512
22.6943
2.9576
500
2.00
6.08S
38.63
12.2165
9.5959
661.75
85.90
0.2953
1.394.
26.53
1385.87
344.50
1.7834
259.125
0.3565
Philippines - Paso
Pitcairn Is- N.Z. Dollar
Poland Zloty iO>
Portugal Escudo (7)
Port Timor. 'Escudo
Puerto Rico !U.S. 6
Qatar — — RIyal
Reunion He de la... Fr. Frane
Romania Leu tO)
Rwanda. Franc
SL Christopher. — E. Caribbean 8
SL Helena Pound*
SL Lucia. E. Caribbean 8
St. Pierre... Fr Franc
SL Vincent E. Caribbean S
Samoa (Western).- Tala
Samoa (Aro.l- U.S. S
San Marino ft Ura
8.50
1.5768
. 80.00
85.85
n-a.
1.00
3,6397
6.89
4.47
92.84
2.7023
1.7315
2.7025
' 6.8 9
2.7025
0.8052
1.00
2385.67
nji.
11.9781
1.0297
0.94
742.10
0.2962
10.00
6.178
1.1504
1.00
0.2961
2.10
47.235
6.3254
395.00
85.85
1.104
2.347
3.93
7.65
689.00
3.4116
6.89
51.29
11.12
n-a.
6.89
6.89
3.5566
2.7025
6,1622
30.7826
I Sao Tome &
Principe DR— Dobra
I Saudi Arabia RiyaJ
Senegal C.F.A. Franc
Seychelles Rupee
Sierra Leone Leona
Singapore Dollar
Solomon is. Dollar
Somali Rep— Shilling
Shilling
South Africa Rand
Spain Peseta.
41.6005
• ’344.01
344.50
’ 6.6276
1.2567
9.165
0.951
6.35
12.46
Z.Z504
112,20
Span. Ports In N. t - Pj _.,
Sri Lanka. Rupee
Sudan Rep..— Pound* 11)
Surinam Guilder
Swaziland. .... Lilangeni
Sweden Krone
Switzerland^^. ...... Franc
Syria Pound
111.20
20.90
1.1111
1.7B5
1.1504
6.1515
2.10
3.925
Taiwan Dollar (0)
Tanzania..— Shilling
Thailand, Baht
Togo Rep C.F.A. Franc
Tonga is, Pa'anga
Trimdad & Tobago Dollar
Tunisia ........... Dinar
Turkey Ura (Sl
Turks & Caicos — U.S. S
Tuvalu — AuBt. Dollar
39.60
9.2694
23.00
344.50
1.0297
2.409
n.6237
172.40
1.00
1.0297
Namibia. — S.A. Rand
Nauru la. -.... Ausl Dollar
Nepal... Rupee
Netherlands — Guilder
Noth. Ant'les Guilder
New Zealand. Dollar
Nicaragua Cordoba
Nigor Rp.— - C.F.A. Franc
Nigeria — Naira (0]
Norway Krona
Omnn,Sultanata af Rial
Pakistan Rupee
Panama...- Balboa
Papua N.G. Kina
O . 1 Guarani (oi f2>
par * 0Uay .* Guarani (mi <2 j
Peru....,
1.1604
1,0297
13.20
2.73
1.80
1^768
20.05
344.50
0.6671
6.661
0.34S6
12.3678
1.00
0.7626
126.00
160.00
735.635
Uganda Shilling
Ut<L A'b. Emir..—. Dirham
Utd. Kingdom-...,.. Pound Sterling*
upper Volta C.FJL Franc
Uruguay.—.— — Peso
U.S.S.R. Rouble
Vanuatu - - — vatu
AusL Dollar
Vatican — ura
Venezuela. - Bolivar
Vietnam. Dong (0)
Virgin Is. Sr— U.S. S
Virgin Is. U.S. U.S. f
Yemen- Wal
Yemen PDR — Dinar
Yugoslavia Dinar
Zaire Rp - Zaire
Zambia- Kwacha
Zimbabwe Dollar
08.55
3.6725
1.7316
344.50
18.8506
0.74
111.354
14297
1586.87
4.2937
8.18
1.00
1.00
4.6608
0.3463
49.963
6.8371
. 0.9417
. 0.7692
n.a. Not available, (m) Market rata. * U.S. doKars par National Currancy unit (a} Official rate, (c) Commercial rate, (f) Financial rata. (1) Egypt— Floating
rata fixed daily by Cantrai Bank d Egypt I Of Importers. Exporters, Tourists. (2) Paraguay oparataa a two-tier system, o 1 * imports, exports & gevu tranasetiona,
n>iH other transacdond. (S)'Malavri — devalued April 26. 1982. (4) Ecuador— devalued by 32 par cant. May 14, 1382. (5) Chile— devalued June H, to be
sdjutwd downwards by 0,8 par cent monthly for the next 12 months. (6) Greses — devalued by 3.2 per canL June IS. (7) Portugal— devalued by $£ par eem.
June IS. ■ ( 8 ) Turitay— devalued June M. (8} Argentina adopts two-tier system fc) commercial, lixoo doily for imports ana exports; (fj ell other transactions
sat by market. B ol.A unable -10 quote rate due w Mexican Central Bank restriction ol peso market.
22
Financial Times Friday August: 20 '1982'
_ cmtMto a«i Marinb CURRENCIES and MONEY
&
• P RE
riiiu
I£ 5 ¥
a -<J
can
serv
Rigt
was
brea
' A'
Was
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pron
rebe
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still
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and
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ing
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A 31
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Stren:
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it wi
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ence.
A
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they
bad
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as i
«i
THE
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tion
over
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withe
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price
iJCCUS
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year ;
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; TIif
FT UNIT TRUST INFORMATION SERVICE
* Dollar steadier
THE POUND SPOT AND FORWARD
\bber Unit Trt. MrUjrt. (a)
1-5 St PwrsCtwrfijadEC** , ' a B 5 f
little' change in D-mark showed mixed changes
Aug 19
Day-*
spread
Close
One month
p.a.
Three
months
pa.
Much calmer foreign exchange
^aoiog. Any slight downward
drift was .arrested when the
Federal Reserve failed to
intervene to add reserves to the
domestic money market.
Sterling was also fairly steady,
easing against the ’ dollar, but
finishing unchanged against the
D-mark and Swiss franc.
. The French franc showed
signs of renewed pressure, as
Euro French franc rates rose
sharply, and forward discounts
widened on concern about the
end of the price and wage freeze
in France, and rumours of with-
drawal from the European
Monetary System.
DOLLAR — Trade - weighted
index (Bank of England) 151.2
against 120.7 on Wednesday and
1113 six months ago. Three-
month Treasury bills 8.20 per
cent ( 13.40 per cent six months
ago). Annual inflation rate 7.1
per cent ffi -7 per cent previous
month — The dollar was
unchanged at DM 2.4525 against
the D-mark; and rose to FFr 6.95
from FFr 6.9425 against the
French franc: hut was unchanged
at SwFr 2.21 against the Swiss
franc; and fell to Y 25 S from
Y 259 . 2 5 in terms of the Japanese
yen.
STERLING — Trade-weighted
index 91.3 against 91.4 at noon,
92.5 is the rooming, 91.5 at the
previous close, and 91.6 six-
montbs aso. Three-month inter-
bank 10 23/32 per cent C 14 17/32
per cent six months ago). Annual
Inflation 8.7 per cent ( 9.2 per
cent previous month) — The
pound touched a peak of S 1 . 7250 -
1.7260 in early trading, and fell
to a low of $ 1 - 7190 - 1.7200 in the
afternoon, before closing at
51 . 7230 - 1 . 7240 , a fall of 15 points
on the day. Sterling was
unchanged at DM 4-28 and at
5 wFr 3 . 64 , but fell • to Y 444 . 5 Q
from Y 447 . 50 . and rose to
FFr 11.9750 from FFr 11 . 97 .
D-MARK — EMS member
(weakest). Trade-weighted
Index 125.0 against 125.1 on
Wednesday, and 120-9 six
months ago. Three-month inter-
bank 8-60 per cent ( 10.275 per
cent six months ago). Annual
inflation 5.6 per cent ( 5.8 per
cent previous month) — The
at the Frankfurt fixing, losing
ground to the dollar, sterling,
and the Swiss franc, 'but rising
against most members of the
EMS. Higher Eurodollar rates
gave support to the dollar
which rose to DM2.4SSQ from
DM 2.4745 at the fixing, when
the Bundesbank sold S24.26m.
Sterling rose to DM 4.2850 from
DM 4.27S0; the Swiss franc to
DM 1.1751 from DM 1.1736: and
the Dutch guilder to DM 6GF50
per 100 guilders from DM
90.820. Among other members
of the EMS the French franc
was particularly weak at DM
35.7650 per 100 francs, com-
pared with. DM 35.87.
DUTCH GUILDER — EMS
member (second weakest).
Trade-weighted index was
unchanged at 1164 against 113-7
six months ago. Three-month
interbank 8 -ft per cent ( 10 ft
per cent sis months ago).
Annual inflation 6.1 per cent
( 6.5 per cent previous month)
— The guilder improved against
other members of the EMS at
the Amsterdam fixing, but
weakened against the dollar and
sterling. The dollar rose to
FI 2.7325 from FI 2 . 7200 , and
the pound to FI 4.7170 from
FI 4 . 7090 . On the other, hand
the D-raark fell to FI 1.1007
from FI 1 . 1012 ; the French franc
to FI 39.35 per 100 francs from
FI 39 . 49 ; and the Belgian franc
to FI 5.7510 per 100 francs from
FI 5 . 7630 .
JAPANESE TEN — Trade-
weighted index 13 L 8 against
131.2 on Wednesday, and 139 . 7 .
six months ago. Three-month
bills 7.34375 per cent ( 6.59375
per cent six months ago).
Annual inflation 3Jt per cent
( 2-3 per cent previous month) —
The yen recovered some of its
recent lost ground against the
dollar in nervous Tokyo trading.
The U.S. currency fell to
Y 258.10 from Y 26012 J. after
opening at the day's peak of
Y 261 . 10 . Resistance to con-
tinued selling was met at the
Y 258 level, but lower U.S.
interest rates seem likely to
push the U.S. currency down to
around Y 255 fairly quickly.
U.S.
Cinids
Nath In d.
Belgium
Denmark
Inland
W. Gar.
Portugal '
Spain
Holy
Norway
Franca
Sweden
Japan
Austria
5 witt,
I , 7190 - 1.7260
2 . 1340 - 2.1 480
ft.WVA. 73 h
ffT. 80 -S 2 - 4 o
14 . 89 - 14.99
1 J 4 TO-V 2490
d.M’rd.SJ 1 ;
147 . 7 S- 148 . 7 S
192 . 80 - 193.50
2 . 405 - 2.411
II. 54-11 .»
11 . 99 - 12.03
T 0 . 60 -T 0 . 6 fi
44 2-4 48
30 . 00 - 30.25
3.02V3-M4
1.7230-1.7240
2 . 1400 - 2.1410
4 . 7 m, - 4.71 4
SZ. 15 - 82-25
14 . 9 Q- 14 .B 1
1 . 2028 * 1.2430
4 . 27 V 4 . 28 h
147 . 76 - 148.29
193 . 00 - 193.20
0 . 20 -- 0 . 10 c pm
0 .GS- 0 . 75 C dto
1 h-’»c pm
10 -ZOc
2 - 3 ore dia
0 . 55 - 0 . 70 p dia
1 h-hpf pm
115 - 300 c Bis
115 - 140 c die
2 . 4084 - 2 ^ 10 ^ ISVIB’.-t'w dia
11 . 56 - 11 . SB Z-ftore dia
11 . 97 - 11.98 B'r#*: dis
10 . 87 - 10.82 ft- 4 ora dis
444-445 1 . 80 - 1 . My pm
30 . 10 -M .15 to-Ggre pm
3 . 631 ,- 3 . 64 ^ 2 V 2 he pm
1.04 D.OSpm-.OMie 0.07
- 3.92 1 . 85 - 1 . 95 dia - 3.55
2.55 2 h- 2 pm 1-91
- 2.19 50-60 dia - 2.60
- 2.01 lOVtth dis - 3.12
- 6 . 0 ft 1 . 91 - 2 . Ildfj - 6 . 47 ,
2.45 2>,-2 pm 2.10
— 16.82 S 60 - 775 dis - 13.39
- 7 J 2 375-435 dn - 8.33
— 8.47 52-55 dis -g.sa
— Z. 6 fi IZ’i-m dia - 4.54
- 7.51 Z 3 V 28 h dfs - 8.58
— 4.10 10 -IQfc dis — 3.91
4.05 3 .( 5 - 3.45 pm 3.19
2.64 151,-9 pm 1.01
8.26 to-S’i pm 6-73
G'Ik fir Fltld fet. —.-(II* 5
HIjji Inc Osufy. UW*
Centtal
Aw’?^r> Growth . .
CwnmndUy 4 Energy
General .
JlH"
UKGwran
act.
VtoWwtfe Sort
inv.TjLFfl
EaulUB Pros—
zams
AUTHORISED TRUSTS
CmMPiwudt Unit Trt. Mg*. Ud. L & C Unit Trust ManMtmmt Ltd,
Bucklfrj&WY, LPTOte ECAN 880 . 01 -SWA«« The Stack Excfanoe. Lwdoa EC!N 1 H A 5882800
Kish Income ® t
Nelnn American 55 A
CaMSwEamoi’ _ (U
CanrafenTm* i (13
Wid Mart Hisfc tac*_ OA
SS 8313=-*
LAC tic. Fund (1591
LiCtndiGwFd— U 02 A
:i
W
208
Men Hanrey & RoM Unit T-A. Ihn
45 . ComPiU. London
AMR Gift Tru« .. flW.O VSJa -*.3 iiw
Allied Hanttra Ltd. (a) ( 8 )
BrmtMnOd ‘ 07 F 7 ' 2 U 459 & 220123
Sdanccd Fwnfc
Belgian raw is far convertible franca Financial Irjpc 68 30-37.W,
Six-month forward dollar 0.85b.75c dis. 12-month 2-25-2.40t d».
THE DOt-LAR SPOT AND FORWARD
523
046
Si
170 7
1493
m3
Aug 19
Day’s
spread
Clue
One month
p.a.
7 fif *9
months
p.a.
UKt 1 . 7190 - 1-7260 1 . 7230 - 1-7840 0 . 20 - 0 . We pm
Ireland) 1 . 3820 - 1.3890 1 J 850 - 1 ^ 8 K 0 .BS^. 75 c pm
Canada 1 . 2405 - 1.2460 1 .W 3 D- 1 JS 430 D. 434 ). 52 c d»
Nethlnd, 2 . 7270 - 2.7415 2 . 731 5 - 2 . 733 S 0 J 8 - 0 J 8 c pm
Belgium A 7 -S 3 - 47.70 47 . 68 - 47.70 11 - 13 c dis
Denmark *. 6450 - 8.6645 8 . 6450 - 8.8500 1 . 90 -Z. 15 ora dis
W. Ger. 2 . 4780 - 2.4946 2 . 4820 - 2-4830 0 . 28 - 0 J 3 of pm
Portugal 8 S.SO- 8 fi. 2 a 8 S. 8 D 0 fi.O 5 7 B-T 7 Sc dfa
Spam 111 . 80 - 112-15 n 1 ^ 0 - 111 . BO 65 - 7 Bc dim
Italy 1 , 394 - 1.399 1 , 396-1499 * 11 -UHro dis
Norway fl. 7 OQO-e .7140 6 . 7010 - 8.7030 1 60 - 2 . 00 oro dis
Franco 6 . 9350-7 «E 0 6 . 9475 - 6.3525 34 .- 6 L.C dis
Sweden 6 . 1520 - 6.1750 6 . 15 ZO 4 . 1 S 70 2 . 00 - 2 . 20 om rfls
Japan 257 . 50 - 259.10 257 . 95 - 258.06 O.BB-O.fiOy pn>
Austria 17 .A 1 - 17 -S 0 *, 17 , 41 b- 17 . 42 b 3 . 1 D 1 ^ 0 grt> pm
Switz. 2 . 1030 -Z. 12 M 2 . 1095 - 2.1105 1 . 30 . 1 , 22 c pm
f UK and Ireland am guored >n U ,5 currency. Forward premiums and
discounts apply to the U 5 dollar and not to the individual currency.
Belgian rate is for convertible francs. Financial franc 50 . 40-50 50 .
CURRENCY MOVEMENTS CURRENCY RATES
T.O* 0 . 08 pm-. C 7 d is 0.07 |
0.92 2 . 30 - 2.15 pm 6.41
— 4.88 1 . 12 - 1 . 16 dis - 3.67
1.45 1 . 32 - 1-22 pm 156
. — 3.01 27-33 dis - 2 . 5 T
- 2.79 8 . 15 - 6 . 65 dls - 7.95
1.23 1 . 30-1 J 5 pm 2.05
— 17.46 150 - 4508*3 - 13.36
- 7.49 1 90 - 21 5 d'S - 7.22
- 9.58 31-33 dis - 9.15
- 3.22 6 . 80 - 7 . 20 dls - 4.13
- 7.75 12-15 die - 7.75
- 4.09 S. 00 - 5 .Z 0 dis —3.31
2.98 2 . 07 - 1 .97 pm 3.13
1,72 8 . 50 - 5.50 pm 1.61
7.18 3 . 52 - 3.44 pm 6.60
Allied la_ — . —
BnL lieh. Fund
firtilhi tnaw»._.
Allied Ci-W
HwnCrt Fund
Hamdnj 4 c 5 . Fart-
l K« n e Flm*
High Inrun* — J %5
sswr^gi
CmtSeo. «S - 7
Ill to ll fl tts wa l FMn*
Intemal'fifla) BO"
JaDanFund
Pacific Fund [57 8
AmwMn So<*i SWA .1 31 5
Sea.WAmrrf Cl — (732
Seedamt Flm*
fiFtOmwciFd
Smaller Ca'^Fd —
2 nd 5 mK CO S FlL~ .
firwW . —•
Mm Min AC *y. ...
OntnMS Earmnq* ...
TecJMOWWFlrt
Ernnpt Fund*
income Einntn
owing cat vnorvtHt.
Cracmt Unit Tat Mngrs- Ltd. (xXgl
4 MrirlHe Cres, Ednburgli 3 031-2263402
c^.wta» m.g
Cren- Capital
Crw. High Dbt «7
Ciw f u ann ati o pa l^. 712
Cm Rexn«s w _ v . 58.74
CrrvToKyi_ [S .4
Dartiqgton Unit Tnot Mngt Ltd,
Drunwon Tetnes. DenonTQ 96 JE. 0603862271
Total Perl. (Mi TgtCU 23.01 ....J 4.87
DHwKftway Unit Fiwd Mmpen
36 ' 3 o New Bmad 5 t. EC 2 M 1 NU. 01*384485
0 Hc.lM.Ao 9 . 13 — 1274,9 2 SD 2 .....i 478
Duntaar Unit Tnot Managers Ltd.
53 . Pul Mali, London. SW 15 JH. 02-930922
IS IS
LC«< ACewnl (IMS TjL. Mn»fc) lAfc
5 «g»e»fltilw T BfWtwwd 02772 X 7230 .
&x=m H8-
LaenhM AdRdnfstnUon Ltd.
ZStAhryjMftEC 3 A 0 BP- C 3 ^ZJU 3 «-
teggy — rss and K
Lloyds 6 k Unit Tit Nbfflrs. VA. (a)
.R* 9 ta>w!s MpL. 6 oHi»br-S «4 <^ 45 ^ 4 *
-M &
342
WmHoAWMSiasn
Balanced |M 0 _
Bs. l Aawi t -fl u a
K hw ia aM a m LtdL
RrthttbW Asm* HMMMt : .
a. 9 MCTIn-| utm. UuU U HCa . 104264396
“letwacs"' '
^^Ssrtasr
ffoflachTM AMfit M d iiiM m i n ii * MM ft)
TmUdWirM.MrdW. B 2 *V
NO.£nBFaitT«^:.j
iifi. Aeanoittnul;
*L 5 .Aatt*MAee>. ,
(tC Sw a ft rOnt — '
town mt Trait Mb?L itf ,
OtyCua Hta,FM»rr s^-fe, ; jtMkHbb
SuneHOnJ
43
>1
• a |«
I
■ **
s
■ft
EL F- W n chatt r Fond Mngt Ltd.
44 . Blgcnstoy Snares WC 1 A 2 RA 01-6236993
ssaaasdK M=iaMEfiSF=
OafAa a*n.f.
InL Tec hmi oaif — _ L ..
tt fiawan fiTdei M 4
ftUAoaml W .5
5 nWt Cos. A Recy SO.)
Do. (Accml .
w.c
44 .|
%! ^ 3 f
JB^S «
83 i +01
M
Royal Uft WL MfUt UL
New rt»B Place, UwrtdOlUflJNS 00 * 07*40
Karat landau ttott W Mfn L«
iWfingeuthMODlcMMcEoM ' CSBM 4 HS
Camu AaomTrtsuWLl - 66 * - J - 640
(MT 3 LCn.FtLgn.UL
SSS W Ltoyift Ufc Unft Tst Mnfin. LtxL
-ea-sacMfimSbiMtai
MFUj- J- nSLT
Amenham W, »gh Wbowbek
UKCvdhTjt,
UKCwth. Trt. Int_
Higher Inc. T«. Ate.
H.«h«r Ire. To. tac, J 64 JI
llfe-Vul lm.TrtJltcM .4
tuim-zbHM
“a:dJS
dar*m at
2 Si. Mary A m.£C 3 A 88 P.
Ea«rAeua*«>_J 3 QaS
M .8
719
606
67.7
10 I 1 I
m-sb
23
447
7 ja
7 D 9
4 M
01 - 623611 *
3 ZLR.....J 188
Load Authorities' Mutual (meet Tst»
77 . London Waft, ECZN IDS. 0248810 X 5
Saw 6 PWair 8 wep . .
i, fines S. Httoa. Mon fiOFSEP
tS£TS^S»JSLSym
s i
s^assssss^ua,
AndirranU T — - — AS. 2
TOM ...1 131
A ns bather Unit Mgmt. Co. Ud.
L NOWf S'.. EC«V 7 JA. M -236 91 *U
Inf Monthly Fimd 1160 0 17 tJ P-i .. j lfi 2B
Lra> 6 &in F 4 IS 20 SSfl •. I 527
American (jl.
Amer. Spec. Sits. U
GiK&FftedlnL,
G* 9 ifi
J*vw Trust .
Mar. Inc. Eq. ,
Special Sits. !
Anthony Wider UnW T^. Mgmt. Lt d. James Finlay IMt Trmt Mngt Ltd.
Aug. IB
1 Bank of 1 Morgan
England 'Guaranty
Index Change**,
Sterling
91 .fi
; - 33.0
U. 5 . dollar
121.2
+. 11.8
Canadian dollar ....
94,5
— 18.4
Austrian schilling..
117.5
+ 86.3
94.5
ex . 6
! - 15.1
125.0
+ 49.9
Swiss franc
143.9
+ 96,6
Guilder
116.5
+ 23.9
73.4
— 20 , 6 -
Lira
53.5
- 58.5
Yen
151.8
+ 25.6
Bank
August 19 , rate
Special ‘European
Drawing Currency
Rights Unit*
IV. Wltfcgare Sr. Lominn. El 7 HP 01-247 SEE 7 uj- 14 . West Nile SlneL Glawna. 04145 J 41321
insr^M w ■ • -J - 6 || -d m
Arbuthnot SeeurtBes Lti (*Xc) FiS 5 ^wS' h ufl 1 "!!
37 . Dueen Si.. London. EC 4 R 19 V 01-2365291 Aenjm. Umts
Sterling....
U.S. 6 ..
Baaed on trad* weighted changes from
Washington ag moment Decambet- 1971 .
Bank of England Index (base average)
OTHER CURRENCIES
Canadian 8 .. 15 . 3 ft
Austria Sch. 6 J 4 .
Belgian F....
Danish Kr. ...
D mark <
Guilder I
French F. —
Lira j
Yen
Norwgn. Kr^
Spanish Pts.
Swedish Kr- - 10 ,
Swiss Fr. Si*
Greek Drioh 204
- ; 1 . 0 B 519 0.551 ue
10 i 2 0.629936 0.947923
IS
11 ,
5”
ll % ;
3 is
8
8
1.17903
10,9087 16.5721
51 . 6740 , 45.1117
B .41394 0 . 2313 *
2.69995 2.55933
2 J 707 X; 2.59447
7.55075 6.60134
1515.47 1323.77
280.847 244.896
7 . 28434 ' 6.56295
121.585 106.186
6,69779 B, 044 89
3 . 29702 ! 2 . 005 D 3
76.2869 66.6769
Clonal Growth
I Acamubll'an 1
CormndilY ....
i Accur^ilwr ’ 1
rIO%VWth*a«a'i..
EaM<rm.L imernMl.
( 6 % Withdrawal i ....
Finanoti Property-.
Forrmn.^
Gilt fir FI ted
/AeXMrmteton}
Hi oft Income
■ AccurniLMion)
VKIhO^maJ)..
Hlqn Vmld
i Acainwiatieni f 7 d 6
NtrlhAnvnCM ,
Preference
(Acamufsitoni
StoJIct Ctmxanles_,
ps.o
h
371
fe
27 0
ffl"
572
, 35.5
'JOS
35 5
SLl
514
445
375 -05
- 0.4
SI. 2 -*01
ds.c *01
3 V 3 *ai
42.7 -a 4
SJ-"
lit. 5 +ZC
47 . 7 k -04
fiac -05
38 Jk -<U
731 . ..
SOI - 0 J
4 i 7 *02
85 4 *0 5
-Ob
• CS/SDR rsie for Augusr 18 : 1 34 SC 6 . i lAoamtiishtn*. . — P 5 J
2 *lh
245
25 h
ion
100
4.67
ion
0^2
0 62
05 b
0 53
10 Jb
U«
'.i«e
100
Aug 19
i Note Rates
EMS EUROPEAN CURRENCY UNIT RATES
ECU
central
rates
Currency
amounts
against ECU
August 18
"im change
from
central
ratn
change
adiusted far
dnfsngence
Divergence
limit %
Belgian Franc ...
44.9704
45.1117
+ 0.31
+ 0.15
± 1.5501
Danish Krone ...
8.23400
8.22134
- 0.15
- 0.31
= 1.6430
German D-Mark
2.33379
2.35938
+ 1.10
+ 0.94
± 1.0888
French Franc ...
6.61387
6 . 6013 d
- 0.19
— 0.35
± 1.3940
Dutch Guilder ...
2.57971
2.59447
+ 0.57
+ 0.41
= 1.5004
0 691011
0.665907
- 0.74
- 0.90
± 1.6691
Italian Lira
1350.27
1323.77
- 1.96
- 1.96
± 4.1369
Argentina Peso .J 40 , 375 i 25 . 44 or I Austria.. 30 . 00 - 30.30
AustraliaDollar ..> 1 . 7776 - 1.7795 I 1 . 0295 - 1^1505 Belgium 86 . 30 - 87,20
Braall Cruzeiro... 325 . 79 . 326.79 , IBS. 96 - 189,90 Denmark
Finland Markka.:B. 201 S-B. 2209 & 4 , 7580 - 4.7600 ■ France
Greek Drachma..: ? 18 . 5 * 7 - 122. 155 69 . 60 - 7 0.10 Germany
Hong Kong Dollarl 0 . 41 Sfi- 10 . 43 i 5 6 . 0510 - 6.0560 ;italy
IranRIal.." 1 146 . 40 - 84 . 73 * Jaoan
KuwaitDinarfKD\ 0 . 499 - 0.600 D. 3900 D 0 . 290 I 5 Netherlands..
Luxembourg Fr .. 1 82 . 15 - 82.25 ' 47 . 68 - 47.70 ; Norway
Malaysia DoTbir..., 4 . 0340 - 4.0440 2 . 344 D -2 J 470 j Portugal .....
New Zealand Dir: 2 . 3600 - 2 . 3650 , 1 . 3 68 U 1.37 00 I Spain
Saudi Arab. Rival 1 5 . 9270 - 5 . 9475 : 3 . 4390 - 3.4410 'Sweden
Singapore Dollar 5.7043 3 . 7145 . 2 . 1525 - 3,1535 'Switzerland .
SthJLfrlcan Randl 1 . 9845 - 1,9865 1 . 1515 ^ 1.1525 United States
U.A.E. Dirham. -I 6.3 190 6. 3270 3 . 67103.6730 I Yugoslavia- .
Archway Unit Tst. Mgs. LM-faKc)
317 . High Hciltarn,WriU 7 NI_ 01-8316273
Arkwright Management
P^wimr Gihi. Meewsur 0618342331
Arlrwrlglil FdAug 17.198 7 10301 ..-1 5 U
Barclays Unicom LM^e)fcXg)
Unicorn Ho. 25 Z Hpr»*yd Rd_ E 7 . 01-534 55 AA
J. Fnlay Fd.ln 7 rrt-_mj
AccurCUMIS....—
Pnos on Augat a H
Frantfaigton Un& MgL Ltd. M
fra, London WiH, EC 2 M SW, 01-6285161
a iwr. & G*n._»_„
CCoam.
Amvnund..
(Accam. Until
r-m Trt
'taw, IWkI
OrvcrtKKeAGW
(AcORTL UnfKl
Extra income Tiurt_.
lmomeTst__^.
IrrL Growth trt
t Actum. Units),
yirvi
Robert Fraser That Mgt Ltd.
2 bAlbsnsrle 5 t. WA 01-4433221
ROM. Fraser ULTa. |SM OX ■—! 60 ft
’'IMOMMSM. rantw
M & G Group frXcKz)
Tbwr Daw ToSer HiB,B 3 R 6 B*L 01 * 26 *568
American— __
< Actum Urto)
Anwrttv Rrcowy.
(Accun Units)
Austratastan.-_w—
«co*nlMfiCZ_
Con* unfit) .^m.
(AecnTL Units)..
Comoound CtwhUl,-.
ConmMti firowoi—
QontenMa fnaane,
Dntdend
OS iT±r-
(ArrMTl Vnfft> .
ftr EjUirtl
(AttumJJrtbt ;
Second General |
Uwsorv
S refler
(AoastL
Friends Prav. That Hnsgvi (aftbXe)
nd«n End. Ooridiig. Tel. 8 B 50 S 5
snsa^sjia a?
01-4054300
14 . 93 - 15.04
11 . 95 - 12.05
4 . 261 ,- 4.30 ii
2365-2415
446-451
4 . 691 ; - 4 . 73 1 -
11 . 51 - 11.61
1441,160
188-198
10 . 57 - 10.67
3.62 < 1 - 3.66 h
1 . 711 - 1.7311
103-107
INot- Amenta
a, XKt Acc.
Do. Ain Inc.
□a. Cacritai
Da Eternal Tst
Do Evtn Income ■■ .
Do. Bnarotf
Do. 50 0
S’SlLilidTiSTiicI
Do. G»r. Pacific 4 cc-
Da Glr. Pacific Inc. ..
Da Growth Arc.„
Da Incan. Trim .. .
Da Pri. A'ns.T*.
Changes are for ECU. thBrelore positive change denotes a
weal* currency Adjustment calculated by Financial Tunes.
EXCHANGE CROSS RATES
t Bare shown tor Argentina i a commercial. Financial rate 67 . 114 - 67.154 against
Sterling. 38 . 360 - 39.000 against dollar. * Selling rate.
Do. Ryeovenr .!
Do. Tnioee Fund „
Do WidundeTu J
E brt m.Fd Acc.
Do. Income ......
Baring Brothers & Co. Ltd.
t h
s
3
(9
It"
52.4
l »5
40.4
77 J
1230
$73
Jrar
ii 2
€1^
-n
1 OT 7 -o._
jaj MUl
105 2 -C.fl
1213 -41
511
SO
«J 5
43 « * 0 ^
1433 — 0 dj
52 . 7,3 *od
-Dd
9 V 7 f -oj
2 M
1.91
ii
18,
1117
3 Sb
kZl
y«
4.70
511
IIP
530
530
Funds in Court*
PvencTrvrtw, Wigi-ur, WCZ
Capital l
Gran In
HicriVIKd
nunudL Rnmaed lo nnia under Caul co n tro l.
6 .T. Unit Mi msHMi Ltd.
lb nmtjwyarna. EC 2 M 7 DJ.
G.T.Cao. Income.
DO. Acc..
MsOMBfl United
36 Berkeley So, Lmdui W 1 X SDA,
mm
iS
Eteitwi Income*
Earns* Inti* .. .
•Prices * AuW> 11 . Nnd sob
Wtacteter Dfwnifled Ltd. N 4 V
Scotbits [452
cafczidB
Schrader Unit Trait
14 , James 3 L.WC 2
SSStMiKrr©
(Attum. F 5 n£iZ—l 481
Gen. ZTZ ZT-limf
Wrd W
014446634
01-6288131
G.T. lac.Fd_..— .
G.T.U 5 .AGen___..
G.T tm.fid.Fd. wj
G.T. Japan A Oru_. 497
G-T.Pws.Ejt.Fd 332.4
G.T. Inti. Fund 377.4
G.T. Far East & Gm. SO .2
G-T.T eth-AGW.Fd . Wj
G.T. European Fl*id..|W 5
6 . & A. Tw«t (a) Cg)
5 RwWfth toad Brentwood
g. & a. ecu
Wlmtel Mcne r Fd.*_|. - 1 ^4
Manulife M ana gement Ltd.
Si. Geerae^Wirr, Str in m
Gdt&FMIrt. IW 5 66
Growth Units _-» 7 l 9 L
IQZ 77 )S 73 M
- 5&71 -OAt 5 . 1 *
043856101
I 405
I -...J 438
Mayflower Management Co. Ltd.
1418 , Gresham Sc. ECZV 7 AU. 01-6068044
income August 4 0100
General August 4 — WAS
Inti*. August 9 gs .4
McAnaffy Fund M m a wem a n t Ltd.
Reqh Hse, King Winiara St. EC 4 . 01 - 623 «951
paft%.stS) m
GienFuodAcc-.
G*m Fund Inc.
CmAHnd—
tJkxum Onto)
AtHtraBan.
IAcojwi Unit*)
SranmirlUo
rAoaim. Uats)
P & C Fd. JUW 77 „pstu
Recovery Aug 17 — 13003
Aug 17
£g»
tac ****** tads oHy
i. - lu-mww
11=1 a
Scottish AndcaMe lav. Mngn. Ltd.
150 St Vincent St. Glasgow. 041 -M 82323
EwityTnmtecoauJXm 1273 j -OB 522
Scottish EmataMa Fund Mgrv UdL
2 BSL Andmo Sg. Cdraer^i Q 31-5569101
iS
a Bhhowgate. ECZNaae. 01 - 2 B 38 TO Cortrimv Fund Managers («Xf)
- 1 2 St MoyAxe. EC 3 A 88 P m
Aug. IB
Pound Stirling
U.S. Dollar !
Deutscham'k
JapaneseYan
FrenchFranc
Swiss Franc j Dutch Guild’
Italian Ura
[Canada DollsrBelglan Franc
Pound sterling
UJL Dollar
1 1
0.580
1,704 I
1 .
4.280 1
2.483
444.5
257.9
11^75
6.948
3.640 , 4.710
2.112 j 2.733
2410 .
1398 .
2.141 62.20
1.242 47.69
Dautsehemark
Japanese Yen 1.000
0.834
2.250 !
0,403
3.877
1 .
9.629
105.9 ■
1000 .
2.798
26.94 ;
0.850 i 1.100 1
8,189 j 10.60 1
563.0
5421 .
0.500 ! 19.21
4 .B 16 J 184.9
French Franc 10
Svirisa Franc
0.835 !
0.275
i 1.439 1 3.574
| 0.473 J 1,176
371.2
122.1
. IQ 1 ".
3.290 |
3.040 ; 3.985 i
1 , | 1.204
2018 . 1 1.787 ! 68.64
862.0 j 0.588 J 32.58
Dutch Guilder 1 9.212 !
Italian Ufa 1.000 | 0.415 1
0.366 J 0,909
0.715 1 1.776
94.37 ! 2.643 ]
184.5 ! 4.970 ]
0.773 1 1 . J 611.6 ) 0.454 ; 17.45
1.511 f 1.955 j 1000 . ( 0.888 < 34.11
Canadian Dollar 1 0.467 |
Belgian Franc 100 1.217 1
0,805 j 2.000, 1
2.097 1 5.207
- 307.7 , 5.594
540 .B 14.57
1.701 2.200 | 1126 . i 1 . 38.40
4.428 5.730 • 2931 . 3.604 , 100 .
fSlosoom.
4 JS
FT LONDON INTERBANK FIXING ( 11.00 a.m. AUGUST 19 )
St ratten Trial. 1279 8
Do. Acorn— 13870
Next ob. d n Au pa 8 * fby
Bhbopsgate Pro gras shra Mumt. Co.
StecV Exchange. LundM. EC 2 N H 13 . 01-5886290
B'gar Png Aun 10 »
Acc Units Aug 10 .
E-gate I nt Ain 17 .
AccomAuglT,
Bednran Aug 18 ...
Can & For Aug 14 ..
Bridge Fund Managers (>Xc)
RegH Hie_ King WUUam St, EC 4 . 01-«234451
Amer.G en.t
fiST^etowiy TnLtZ
ftj. «ccl—~ .— ...
DeeOne •Tun. JWW.
Oral Ing. only: 01-623 S 766 I 5806
AnvHcan Tnrrt— OA 3 37
Australian Trust- ll£-< It
BrttlshT 5 L«Att.)„ZllOT|
*** Brim* Tst. row.
» ConxnWity Share—
?u
rmi.
BntmA Gp- of Unff Trusts Ltd. (aKcXg)
SsHshura House. 31 . Bnshury O mn, L ondon EC 2
01-638 047 W 0474 or □ 1-588 2777
UK Surctaftrt FMrnh
_... Share 1
Extra income.
FwEmtTnnt-
GIK Trust
High Income 1 st.
Income Fund..—
Inv Agrnoes 0885
Inc AGrth. Emm**- U 7 0
imL Tst. I Acc I 470
lnil.Ta.iOM.)— «1
Japan Ting..——. 27.6
Special Sin. Tst — . UI 7
UKSm.Cc Rec TnM.( 24 J 5
Govett (John)
77 London WaU, EC 2
Stockhoiden Aug 13
Do. Accam Unit
St. EiMpewi Auj^k
Mcncag Unit Trust Mngt* Ud (aMcXo)
01-6236114 Urieorn Hs*. 252 Romford RtL E 7 . 01534 55*4
- Mencao 1502 5191 * 1 « AOS
tSu 2 .a Mercury Fund Ma na ge rs Ltd.
-05 3-32 30 . Gresham St, EC 2 P 2 EEL
-£•§ Gen. Hist WL 4
-4141 4 qf- inc. Hecuxery ___.{»5
iiar.pnt..~l ma wi
I 97-3 1067
7 X 11
Scatttah Wide n * Fund Msn ag em an t
P.D. Bdk 902 . Gdtabordi EKUiSSU 03 X 6556000
Prgaas T* Augl 4 _nG 16 JU 13 l-* 28 f —
SniCO Moray. Fuads.
6 A.CMm*SraecG 0 «NMe 01 - 23 SI 42 S
hm. Acs
Eupt-Obt-AuglB.-. M .7
Ewt ACC. Aug 18 _ 134.4
GfltFlud 70.4
*ow
-ail
iso
Z 4 J
293
396
146
Stewart IMt Tst Msragera Lttfr)
MdtaPd Blank Croup
Unit Trait Managers Ud.
C e wtuaodHcme) Star Street Had. __
Sheffiekt SI 3 RD. TH: 074274642
CaptUI.._. D |^S"-a 2 | 394
081 -2263271
*i,gj 1 «
mz
ar
Pu.fS nT 7 j
wraiwiy t
3 months U.S. dollars
bid 10 V*
offer 10 SiB
6 months U.S. dollars
bid 1 1 firiB . offer 11 6 HS
The fixing rates era the irttbimila memo, rounded to the nearest one-
sixteenth, of the bid and offered rates for 510 m quoted by the market to five
reference banks at 11 am each working day. The bank* are National Westminster
Bank, Bank of Tokyo, Deutsche 'Bank. Banqua Nationals da Parts and Mpigm
Guaranty Trust.
w
EURO-CURRENCY INTEREST RATES (Market closing rates)
Aug. 19
Sterling
U.S.
Dollar
Canadian
DoHar
Dutch
Guilder
Swiss
Frana
D-mark
French
Frano
Italian
■ Ura
. Belgloi
Conv.
Franc
nn.
Yan
Danish
Krone
Shortterm —
7 day's notice....
Month
Three months.
Six months.
On* Year. -
Ilia-IM*
U >4 life
Hrirll*
1058 . 10*4
1058-1054
1050.2034
9-914
9 k- 9 ta
9 V 10
lOfe-lOlQ
UM ill!
12-12U
1218 - 13*2
14 - 14 la
14 id- 14 is
134*-14
14 - 141 *
24 i*- 241 *
Bla -858
8 l 2 - 86 a
BfirBH
erirfre
858 - 85 *
2 - 2 i«
l-li*
2 r a -3
3 fj^«
44 i- 4 ht
4 J *- 47 g
BJft-Blj
81 * 858
Bit - 89 a
858 - 8)8
8 ) 8-818
8 fe-«i{
24-19
14 - 19
15 - 17
17-1818
lSla-lBta
19 1 2 -20 is
17 . 18 ta
l&. 19 ia
19 - 195 *
1918 - 195 *
1918-2068
1954-20 ta
13 ) 8 - 13 *
1518 - 15 *
13-1378
13-1378
13-1370
13 U -14
14 - 14*4
13 - 13 la
1358-1358
1318-1368
1318 135 a
1350-1358
664-7
2 «b- 2>8
■ 7 *- 7 *-
11-1219
125 s- 14*0
1218-14
l 5 felSia
1538 . 167 b
16 - 17 is
Assets.. .
wreowrv ..... ..,
SnutlerCos.
Spec. **v«. She. m
UX BJueCWo te .3
High Income Finds
Ns High Inc........ . B 0.6
Extra Inc. 35.5
Inc. A Growth B 56
Gilt 25.4
Pnrf.Sluras UJ»
Seder SnedUtat Fundi
Core nas t y Suras ..-WID
Financial Sees. %-D
Gold & General 1«5 U
tmr. Trust Shares-— 50 J 5
Minerals 623
Prop. Shares — 23.6
4 HJ Earrlnijttn Aug 18 _
, 72 (Acojm Urttsf
I in Bantnpen H|r 4 ugl 9 .. l-„
is tAccum. Uratsl Z 766
436 Barmgw«nAugl 7 .MA 6
• ik lAccun-UnUsl... 1233
a ssM=as
Grantdstr. Aug 13 — U 5.5
tAccum. IMts) 129.0
62.1
■ng Aug 20.
Griewsen Maeiegemrnt Co. Ltd.
54 Grartuni Street. EC 2 P 20 S 01 - 6064*33
. ;*Geo._!
Da. Ast
GdtAFfut ML—
Da Ac
74.9 .Big *ail 19 *
Wfc
. 98.1
3033 ...
1576 -tO I
65 . 2 x - 0 J
67.:
Jk*
2473
1323
aauid ...:.i
483 1 . ...
186 J + 6 M ItH
2931 *44 10 ^
uzs,
127 ;
TSM
416.9
HlghVIHd.- -to J
Oo. Acc 90.7
Income.-.— 64 . 4 M
Sw^dScl&Zr SI
Do. Acc. 62 J 6
North American 45.5
Do. Acc 51 ?
OaerwK Growth— OJ.
Do. Acc 50 D
te
EttAty Ezempf
Do. Acc*
•Prices « Ane & Neadediog
1067
525
617
70.7
. 4 BC
69 6 u
UBL 2
65.9
67 .
44.0
55.9
46.6
J 7 S
179 fti
3!
+02 ,344
- 0.4 1019
-as ia.19
-OJ 794
-OJ 7.94
-02 794
-05 6 J 7
*OJ 094
•+ 0 J 0 .*»
+01 354
+02 0?
+02 221
*42 4 . 7 D
. +73 A 7 D
*09 TO.
45 . Dieriottr Sq. Ednhergn.
+ American Fumt W* 8 ^
Actum. Uma 1025
VMMeualUndS — . 7 J 8
•firtWhCapnal— 7153
MoMUnb— 2S75
"European FirtL_J 76.7 _
Deal. TTua. ft FH. «WM. -Mm A Thm-
Sun Affiance Ftmd M ei ugu i nt Ltd,
SunAUancrMsc, HorUum 04036*741
Snris Ufe Pen. Tst Man. Co. UdJaXc}
4-12 Oewradc Ltndon. EC 2 V 6 AL. 01-2363841
EuuifyDIrt* @2663 13 * i '
EqirtyAcc* , — QJ 7.32 145 _
F.mrinf. DKtt 004.59 10 RJ
F.NM Int Acc-t [11822 1225 .
•#V®e% on Aug Ji. Next dBlkng Srrrt. X
- TPrttes »* »u 9 *. Serf orafc-e 5 rw 1 _
Target Tst Mngn. Ltd. (a) (g)
tin* «ng%. J. RoeecNId lev. Mngt Udl
JL Grastom St, EC 2 . Dedmgi 029654*1
Commediy 1567 ttJBj * 0 ^ 3 l»
XU,
01-6288011
a 46
American Growth,
Am Smaller Cos. -
AmSe^cShC —
Fir En
SDR linked deposits: one month Sb- 9 7 * Per cent: three months BV-lOb per cent She months 10 \j- 1 CFJu P*f cent one year 11 ^j -11 v. per cent.
ECU linked deposits: one month 11 b»- 11 V per canr. three months 11 b- 11 b per cam: six months lltbk-l* 1 !* per cant: one year 1 Z> 12 b per ' cent.
Asian $ (elusa rates in Slngapors): one month 9 V 9 7 i oer cant; three months lOb-IGb per cent; six months 11 b+- 11 hi per cenr. one year 11 »*w- 1 -Zb» psr cent.
Long-term Eurodollar: two yeara 13 *«- 13 b per cant: three years 13 b- 13 7 » per cent; four veers 14 - 14 b per cent; five years 1 JV 14 i per cent; nominal clos.na rafss.
ShPU-term rams ara rail for U S. dollars. Canadian dollars and Japanese ven; others two days' notice. . „
Th» loltowrnq rates were avot-d lor London dollar cemfrcaros of deposit; one month 9 . 30 - 9 . 4 C per cent: three months 8 . 7 U-P 80 per cent: six months 10 40 -
10.50 per cent: one year II. 00 - 11. 10 per coni.
- 40.6
. 503
- 38.2
T
HenoKg. Pe r ln e w e— ZL 7
Inti. Growth 672
Jaoan Perl. 7 *. WS
general Fhn*
CanttN Acc.
TAccum
Guanfae Royal Ex. Unit Mgcx Ltd.
Kor# Externa*. EC3P3DN
SEffOH
HendenM AdmMst rattan (a) (b) (e)
Pramtar UT Admin, 5 . R«M* Rgad. Mratgn.
Minster Fund Managers Ltd.
MbnMr Hsr, Arthur St, EX 4 R 9 BH 01-623 1050
1 B 9 « jgB« MLA Unit Trust Mn&flmt. Ltd.
1 « 3 ^ 0 U 4» Old Queen Straet. SW 1 A 44 G. M.- 222-8177
^ W MLA IMts 13073 1125 ) J 361
Cwm ftlnd-
Dwnartfc.
1 ?L 2
1557
MONEY MARKETS
Revised shortage
UK clearing bank base lending
rate 11 per cent (since August
17 and 18 )
The Bank of England revised
its estimate of the shortage of
money market credit twice yes-
terday, and finished up returning
to the early forecast otf £SOOm.
It was reduced to £ 750 m at noon,
hut even on that figure the total
assistance of £ 70 lm was prob-
ably not enough to take out the
full shortage.
Once again the authorities
found the discount houses very
reluctant to part with their bills
at a time when interest rates
are still expected to fall, and
before lunch the Bank of
England made direct bill pur-
chases of only £ 34 m. Dealing
rates were unchanged, and m a
further move to keep the market
steady after the recent sharp fall
in interest rates the authorities
bought £ 569 m of bills for resale
to the market -next Tuesday at
MONEY RATES
NEW YORK
Prime rate - 14
Fed funds (lunch-wnfl) ...... 9-Sb
Treasury bills ( 13-week) 8 JO
Treasury bills (28-weok) 3A6
11 ) per cent, the same level as
Wednesday's seven - day official
'lending, and ) per cent above
the present clearing banks’ base
rate.
Is the morning the Bank of
England bought £lm bank bills
in band 1 (up to M days
maturity) at 1 JJ per cent; £ 33 m
bank bills in band 2 ( 15-33 days)
at 11 per cent; and £ 2 m bank
bills in band 3 ( 34-63 days) at
lOf per cent
drained from the market when
a special advance of FI 4-lbn
was allocated fit yesterday's
tender for -special advances up
10 August 30. Subscriptions were
met in full at an interest rate
of S| per rent, compared with a
rate of 9 per cent for the
expiring facility,
expired. An amount of FI 2-S6bn
In Frankfurt call money fell
to as low as &50 per cent, from
S.75 per cent on Wednesday and
In the afternoon another £98m .8.95 per cent on Tuesday, follow-
ed bills were purchased. These
were made up of £2m bank bills
in band 1 at 11} per cent; and
£96m bank bills in baud 2 at
21 per cent
In the interbank market three-
month money was slightly firmer
at MM-lOtf per ' cent, against
10 A-20J per cent, while over-
night » funds traded within a
narrow range of 10-12 per cent.
In Amsterdam the Dutch
central bank only needed to re-
place part of the liquidity
LONDON MONEY RATES
ing remarks by Bundesbank
president Herr Karl Otto Poebl
about more scope to lower
German interest rates. This was
seen as an indication that the
Lombard- rate will be cut from
9 per rent at next week's council
meeting, and also increased th*
chances of a fall in the discount
rate from 7} per cent. Period
rates also 1 declined yesterday,
with three-month money falling
W S.60 per cent from S.90 per
cent
EUROCURRENCIES
Rates firmer
Eurodollar interest rates tose
slightly yesterday, helping to
underpin the dollar in rather
calmer foreign exchange trading.
Despite the slight turnronnd
rates remained about 2 ) percen-
tage points below last week's
levels, while other Eurocurrency
rates were generally steady to
firmer. Euro Swiss franc rates
still had a softer tone, however,
leading to a sharp increase In
the forward premium of the
Swiss currency against the
dollar. Euro French franc rates
were firmer m the other hand,
widening ' the French franc's
forward discount against the
dollar.
Three-month dollar against
sterling moved back to around
par as dollar rates moved up
more than Eurosterling. On
Wednesday the three^montii
dollar went to a premium
against the pound for the first
time since January.
SftWH. 1
tSSS.*^. 1158.4
&.MfcLifr» |jrr
BS
Act IWts-
a -031 3 £9 taftAMd 1 ***-
-on 3.94 Mgh lm ftmfc
-oil 4.40 fne.&Gnratft ..„ 514
-iy 280 < Attorn. Units! S 6 «
- 2 | 53 J Htqhipam n\
-0.71 OJS Em lit M .4
d 3 b ?£w-“*’ — £|
^ ESE=Si
Hartei* Mra. KarwA HTA. 5 *-
BS. Fort
EL 3 . Accunt
Financial
Growtti Acoim.
Growth income...
High Inc ome
I rtlWI V
North American
Orient
Recovery—
T echnol ogy
FjcrnfA
-OX 6*7
-02 —
-oa * «
B — 0.7 4^
—05 is
-01 10.40
-OJ
+02
-+ 0 J LOO
-OJ 5 t 46
+OJ 171
-OA 63b
sSl^liS
Buckmaster Management Co- Ud.
77 w Stock Etttenge; EC2P2JT. 015002060
Bodt-ham Fd Aog. »| 8 « »
Accum Units Aug. 19. 1219
Ctmtft»A«ia_— 522
Actum Units Aug M.. 73.9
Marlboro Fd Aug 17 _ 55 JI
t Accivn Ub > Ai« 1 7 _ 70J
Sn*. Cos AugD 478.9
Uttna Ub .1 Aug 13 | 49 D 3
Crawta Lite Unit Trust Mngrs. Ltd.
2-6 High Sc, Potters Bar, Herts. P. Bar 51122
CnCMOM. MJ sxaa . — 457
DaGen-Acoan m 2 77 fl — 437
ft) Income OHL __ 138.0 uan 8 J 1
Da ^ 67 ^ ^^31
CjttdOR FtMd M vmtn Ltd. (z)
X Otynwfc Way, WenMev. HA 90 NB. 01-9028676
tsososm %
Cwrt (James) Mngt Ltd.
lOOCMBraadSUECZNlBQ. 01-5806010
GaplUI flSOJ 138.71
— Mwn» Johnstone O.T. Mgnt (a)
0277217238 163 , HopeStmtt, Ota***, GS2VH. 0 * 2-222 5522
Murray Amqi Ltrn — ,1510 5461 + 2.71 JM
Sly is
Dealing (Uy FrUqr.
Mutual IMt Trust Managers teXg)
Brora St Aire^ BtonAeW St, EC 2 01-638 3411 Z
Mutual Set P*n — .&L2 552-0.4 758
Mutual Inc. Tq 1773 . 829 - 0.61 781
Mutual Blue CtK, — *92 522 rt- 04 j 7 S 2
Mutual HWW _-4581 62 ll -O.q 9 JO
Katiawi Provident inv. Mngrs. Ltd.
48 , Grwelwtn Sl, EC 3 PJHH. 014234200
NPIGth Un. Tst, — 172.9 7761 -OH 591
fAttum. Units) .TjllKB , 112 N -O 560
NPI CTsoasTfura { 176.5 UEfl +iq f .70
UtEM Unta) &J 4 J . 21621+111 17 D
GowTundlfiC *0 6
GoW Fund Act. 683
FinanCMl 9 >*
Gin CatxDi. — 1673
& It Income 1008
Inur st mnuTrast 523
Soerut SMuatiaro — M 2
American Eagle. ._ . J6J
U.S Socl.J Bond Fft_. 212
Malaysia ft Snovc.. SI
Pacific laaw — , r U.O
Pacific Be Inv 402
WnritMdr Capital— 543
/«w*ne »9
Eatra Income 55.6
Prrf Brent* Share.™.. 123
Eta dtf 124
Professional Aug IB.. 222 fc
Eomry Ex Aug 18 .. . 3114
Equuy E* Acs Aug zg|SZL 2
Trades Union Unit Trait Managers
lOUWtotW Straw; £322 01-6288011
TUUT Aug. 2 WO 7131 . I 526
Transatlantic and (tan. Sen. (c) (y)
41 - 94 , New London RA, CJietmlertL 02 * 5-51651
firafecanAtig. 14 . “
fAcoim Units'
w "“Ss£r"!
Panne Sm.Cw. __
North Ai». {570
American Smaller — (924
Amer. Recwr- Tst — 1523
Eawrat
Europ^nA ^14 —
ffigMrywnelM
Sofe. Cos. Qd
B is BBSEe
National Westminster (a)
MO, Chwhfc, EC 2 U 6 EU.
4 . 0 ft- Canhal fAccum.) ‘ "
Eanff £ t .Z.~'l'ZZ 523 6691 -0
financial M 3 jfte - 0 .
Gronwhlm 1126 32 Lta -O.
Income 47.7 5 L 3 -0
Jaoaw &Pae. dth. 39.4 • 4 Zt -
North Aiu-GwtK Tjt_ S38 47 ft
Portfolio liw.Vtl B 1.0 85 7
RKmenr Trust. 4 fiJ> SO.ftd
Smaller Companies _P 45 84 fl - 0 ,
01-6066060
lAccum.
FiritfmS Ft) Aim. 12 ..
CAttun. Units;
Ffetang Int. Aug. 19.
'Attunv Units! .
■.'at«tG»imAugl 7 _
> Accum. Umsi...
Vangd H Y Aue 17_
Vangd-Tn. Aug 18 .
' Accum wiles, _ .
wnacfnoor Aug. 19. _.
lAoeum. Utntst
Widanoor !>• Ajg 13
iAccutl Urats)
Tyndall Managers UfMaJAXc)
M, CaoyntK Road. Bmtoi. 0777732241
RadfleExenvt
He»DH Services ltd.
4 Gta. HetMC Lcwtei EC 3 P 3 EP
BmrinlfiU.Gr. Inc. -K 7.9 5051 ■ -J 4.53
MR Samuel IMt Tit Mgn.f (a)
45 Beech St, EC 2 P 2 LX 01-6288011
Oil BtrWdtTrajt—
SSSissi;
W-Trt..
iWHIiF.I.Grorah —
fti>Hi*Yle«Ta„
nilneuw Treat
io> Inrt 7 b
NEL Tract ManaqeR Ltd (a) (a)
Hfitton Court Oorktop Sumy. £306887766
■Nristar 095 83 « - 0.71 503
NeNte-GiltftF.I 58.4 S^Sta-oa 4 tw
Nrtsta-Hfghlnc 37.4 . 393-03 8 ®
Nrirtar lmen>nlitxiai .|536 5 tx 4 ai + 0 .U 3.80
CO -551 0094 Nortfegate Unit Trust Managers Ltd. fcMr)
InCOT*
MorlhAnroricail
Pnces qn AW)
(g>lflt 17 na__
(giNatResauResTh.
WSeeuritrTnat —
Carr, Sebaq UnK Trust Monagersfa)
S 7 ‘b 3 . Prnieen SL. Manchester 061 - 2 % 5665
Carr, Sctag Cap. Fd . 144.9 47.3 .. J J ,81
Car. Sen* Inc. Fd _feL 3 333 - 0.4 8 D 4
CairSebanFa Eas'n.ls.Z 253 +53 LTD
20 , Mooroace. EC 2 A 6 AQ
BsSBSSS”
Norwich Onton hnonnee Croup (b)
P.aB»a,Ntr>rich,NW 3 N 6 . 060323200
Gtouj Tsl Fund (5436 57221-461 SU 3
Peart Trust Maaagen Ltd. MlgXz)
2S2, High Holborn, WC 1 V 7 EB.
hear! Growth Fd — X3MO 3 ki
AccunUnb.—^ <74 § 0 £
Peart int-- *06 43 ?
Peart UndTst 489 526
CAcam units) 152 80.9
PefitstR Units Admin. Ltd foMx)
57 - 6 LPnncroSt 1 MMMtcr. (M- 23 GSCJ 35
Pefrean units p «.9 154.81 -u| 497
Carnal ... 1
lAcum Units)
Inetune . .. .
f Accum. lints).
Pfff —
lAttum Units)
Ewrat _
I Accum UmGi
W. Eroj.
lAccom Unltfi.
North Amer Grth._.
lAccun. Units)
Far Eastern
tAccum. Units'-
GJt Income
1 Actum. Units)
Natural Re-awes —
Accum Units ud 3 <
01 ^ 4058*41 l*^W 65 S.K«*
01 1 'Accum. Unis) IlfltJ
5 .03 Ld». VUB Ex. fee *
iAeem»U«Bi. . ..
Utn. Wall Fin. Pn i*J_
lAttwa Unrfsi. .. . .(321
UtiWdlHiltPri-^.
Ldn.Waninl.... ....pl .7
016064477
3 ®^Sj is
5 E
889
HK Unit Trust Managers Ud fa) „ .
3 Frederick's Pi s Ow Jwy, EC 2 D 1 - 58 B 4 U 1 ^rpebal Unt Tnot MngmL (a) (a)
- 1 Sterling i
Aug. 19 GertmcaU \ intertaank
I8S2 of deposit
Local (Local Autft..
Authority Inogotiabla
GERMANY
Lombard —
Overnight rate
One month
Three monifte ..
Six months ...
9.00
S.60
8.70
S.60
8 £75
Overnight —
2 days notion—’ —
7 days or „.| —
7 days notice ... 1 —
One month.-... llidlie
TWO months — 11 107 b
Three month*, iovio&b
Six months. ; 10 10 ^
Nine months... 10 ^ 10 *
Onoyear 10 * 10 ft
Two year*....-. —
deposits
10-18
UVlHt
1034 -lOTe
tOta 10 K
lOAlOJ*
Ibrtr 10 i 4
lOft- 10 **
lUj-USa
lUg-IU*
llia-lU*
UA
• 107 b
10 ft
loss
loss
11
bonds
Finance
House
Deposits
Discount-
Company Market Treasury
Deposits . Deposits Bills*
IMITfl, UU
lise-U3e
llJs-ll
ll- 10 Bg
10-9 J 4
lose lose
10 ia-i 0 Lj
11 -
10 j*
•J^r
lb«i
113 a- 117 a
Ills
11U
11
11 U
107 «.
10 ie
IQi*
11
106 e- 10 tt
loie
Eligible
bank
Bills *
Fine
Trade
Bills «
Cent Bd of Fin. of Church of Engtaidtt
77 London Weil, EC 2 M IDS. 01 - 588 18 U
fe* Rwrjufcn. I 399 «j I — I
D^laLSs^JubB I 113.75
Oep.Fhd.Qtr. May 3 L
13.00
HK AnrirtcanTt
HK Extra ham Tsl _
HKF*-Esjt 46 «.Tst.
HK Comm, ft Gen. —
HK Income Tst- 1
HK Maritet Leaden _
HKPmattTjt. .
HK Smaller GsVTtt-g^ft
48 , Hart Sl, Henle? on Thames
Income 64.7
Worichnde Recovery. | 45.4
Practical Invest Co. Ltd (yXc)
44 ,BloonHburvSa.WClA 2 RA 01 -bZ 38893
Pradica Aug 16- 12011 Z 14 .;
Accum. urea K 72 348 .
L*t W 3.1 Sore. Sir. tor s
Tytrara ft Ce— Oeptrit Fw«s
Demand Fu«j*..,. 1 _ —I.. 1 1 L 81
Furor I , - — J J its
'Unaullwriied — £wj Degnt F«fc.
TSs Dnit Tnrsts £li) (c) (y)
PO to 3 . Keens Hfe flrxtom Hain. SP 10 IPG.
OJAfl A! « OO r
11
10 5g
mSo
Hit
llta
10 Kf
10 A
Chart ncc Charities N(R Fund^f
15. Moorgatq, London, EC2 01-638 413.
Income July 30 [ 17784
Do. Accum. _| 263.05
Charities OffldaJ Invest Fhncffct
77 London Wafl, EC 2 N IDS. 01-5881815
SffiSS=d Id “
Chlefbdn Trust Ma aagm Ud (a) ( 9 )
ll.NewSL,EC 2 M 4 TP. QI- 2 S 32632 .
American tr>-— _
en TM.CZ) J
HK Technology Til
Investment Sank of inland (a)
in vestment h i tt Wuwice Ud (a)
1/3 Worth* SL.EC2A2A8. 01-6286626 OmDflr «w.^K ~lua
|*LAa«.r-*W-| 6?.4 _ 7 l. 7 i + L 7 J 020
:d
si:
557
Provm du d Ufe Inv. Co. Ltd
2 Z 2 . Bntvxngate; EC 2 .
PnkltcFm-test 1*44
Prolific Gill Cap, It3i
Prohfic Higft Inc
Agfifietadj |«o
Prolific It Aner. _^w.l
FRANCE
Intervention rata
Overnight raw .
One month
Thras months ...»
Six months .— «*
14.25
— 14.5
14.5625
.... 14.6875
«- 14.5
JAPAN
Discount rate ,t.=s
Cell f unconditional)
Bill discount (Uires-montli),
B.S
7,15825
7,34375
ECGD Fixed Rate Starting Export Finance. Scheme IV Averaged Reference Rate for interest 'period IS July to 3
August 1882 tfftclqsnre): 12.143 per cent
Local authorities and finance houses seven days' notice, others seven days fixed. Long-term local authority mortgage
raies. nominally three yeara 11 pgr cam; four years H 5 « per cent: five years 12 per com. <J> Bank bill rates in tabis are
buying ratna for prime ftaper. Buying rates for four monih bank bills 10H par cent; four months trade billac 10»* per cent.
. Approximate soiling rate for one month Treasury bills U} 7 * r»«r cenr, two months um oar cant and tines months
Iff* par earn. Approcmiata selling rate for arm month bank bills 10“^ par cent; two months lOSt par ennt and three
month* .Iff* oer cent: one month trado bills 11*u oar cant:two months US par cent; thrna months lO 8 ^ par cant.
Finance Houses Base hares l published by *&« Finance Houses Association ) 13 per ccnr from August J. J3S2
London and Scottish Clearing Bank Basa Rates fnr londmn II ner cent- London Clearing Bank Deposit Rams tor
sum 1 * at seven days nonce 3 per cent. Treasury Bills: .Avnrage tender rates of discount 10.7110 per cent, CaiDlicales of
Tax Deposit (Series 5) 11 par cant from Ausuai 18. Deposits withdrawn for cash 3 psr cent.'
FarEwaml
Efeq
CboUtartM Fund
57.-63, Princes St, Mancti a tte.
Growth 1110
intcrr mt ot Hl ... — . ,{ 4 a
High Income .- — ~.|30
CfldMarNtai Funds M§t Ltd. (a)
50 , ChEKWy Line, WC 2 A 1 HE. tn- 24 ZCBfl 2
Growth Fund—. — -| 8 U 8 S 4 I 4 W
WaL inc- ft Growth.
fateindneFin]—
taW&mffCo'jFd—
Kw FR** Mtnnm Ud 0X0)
I£l WnhipSL, EC2A2AB. 01 - 6206626 .
01 - 2*76533
■^-3 iSA
-OJ 3 J 33
7.16
-02 SIP
-0.4 412
+0J SOI
- 0 ^ 020
8 » OJM 6343^-3
« 9 L *03
inrf 3 if
* 3 g + 0 J 5
4 J.g hjj!
1582! +02
iU-if
PnsdL Portfota Mngrs. I4d ( 4 ) (b) (cj
WoBwrn Bars, EC 1 N 2 NH. 01 ^ 0592 H
Jyvdentiel_.. ? «.»^_il 8 a 5 Mag^j 473
VrahroghGUt.
U 25 117.1
KnExmrpirtL
Key Inot Find — ,
Key Fixed inLFtL_
Kay Srarit Co'S Ftf.— I
Ktabnmrt Boom Unit Mangers
20 . FettchwtA St, EC 3 01-6238000 Baflance Untt Mgn. Ud
S _>8 Mienre Hse, Tirondgc Writs, it
10.44
OaHtw M awaga mt u t Co. Ud
3Z'-45Grehm Street EC2 01-6004177
On. Fd._„ 11763 U 371 . J 4.12
inerane.^. lia .9 IStol . .1 gjq
m rmL-haaa T 43 jl .. . j zo 9
QuBdront Retwfry..,.|lWL2 18931 3 S61
4 T 4
4 74
is
969
grSWjUfe™. 17 * J 7861 - 0 . 7 }
BL Balanced* ttO.O 6*1 . 1
BLOriidend* B8, *1.4 ,
CpnortL-nlty Fund*^, $ M 7.7
WwwUn« 7 itfe c ..go 7 ^ 4.1 -cd
Refi«eUtT«tAceitS 9.7 mb -0 j
Fri» Aug 2 & next dealing Aog 25 .
089222271
■" Sfl
1 M
5,77
4*3
4.«2
TSb Airericah
htaw. [ 46.1
TSE dwieraJ 1 * 7 ?
fc Acatm. S»8
TSBIncorat-.. . ! E .9
Do Attum IP 97
TSfcPseific i «5
Do. Accum .fCnq
TSSScceiish . — <266
Do Accum. 1*71
TSB Stad. Opos. U* 4
Dp Acam _ _._E 9.4
UWer Bank (a)
WanTyStiwr. (SeHast 235 yp
ihlUfperGrewtn — 146.3 4974-061 44 S
OnK Tnnt Account & Mgnt. Ud
ReguNte,HngWMumSLE£4ft<7R 01-623 *953
FranHse.Fnnd Rti
NOTES
Prrero ire in ptnet* antra dtheraha hsfaM tnd
t»i» dngraw 5 wto no prtAs ”
25 ?? V i * <gt ^ ’ , rtv)ww)rtlas;os'araMartBw*iBraff
- J oren,! vrisri tadu,i » s"
«pnws. h .otJsvj prvxv c YfeftJ (rased on offer
E T:. £ &*« *•&. a fray 's gpenne once
n ttswiw«n fete of UK <«ir. a iVnrft
raetrown im uranee plant. » Sfee^^pranMM
imjr we- s , OHewd m ag wdudee all rann
"nMr^ ieontnvmwn.* I R ferarianrewd u tte
rttngensmifiteinn: p-ou swratagavT Pmon
rU-.? 8 ?-. * Vtnv a SmomM.
i* tw. t braMm.
& Cny azrUtic to c'oriaefe hediet.
* *\
Financial Times ‘Friday August -20 19S2
1 SURANCES
«* Ufa Auorance Co. Ltd. <i)
*«f» S-PiarsCtMtf^BU. EC4P4CX: {n-2489111
*S?Kr=®* =
,5 *£=:wl SJgt -
•8Ste=|B ffl|= =
*f=! |- u =
.ss-aren:®! Sl™ -
FUNDS
! 5 S 2 ? J !!SSB l S 5 r' GrM 5w3za»o
ucqp Sb. PJ-® 12531 ■-- J . - NWfJSfcSP - p T5Sq Ud- van -l* - •
[itean Ser. J
ft iBt XT ' —
fieri It*. Series 4
SSE
sjon Managed —
tdm SoeurKji —
tlon Fixed IK. .
■sion Indexed tint.
tSJhSsSSw^ECSMWJ 48BZS33
te*a?s£ iUK w=J =
Lloyds Ufe fcouratw? _ ^
70. CWWn St, EC2A 4HX BMBB CHE
“ Etflfe Sbf lomrjVMfonA Aww-
l,Thf*rin«n«SU r EC2.
EMJe/MW.Uftte^—182-T
01-5881212 £• '" B
85J8-05I 5.94
Equity A Lav Uh As*. So*. Mg-
Amentum Bmd, H W *>»■**- - 53377
d_Man-Piro.Acc_
I.Kjl-PnFdAo:
jaPenAcc.
flEV Ufc Assurance Ltd. M-I&g
Prince of Wrics iOL, B'lnooth. 0202762122 jggffi
206-91 +3-3 “ Prices
Mi
IntenBUtad F»ri — SMl Sg
Mind Fund -l« 4 * 3«J| -oaf -
Equity A Unr (Managed F W^JM.
i!h Lb Rrod r HK& Wrondc. ' 04M33377
nd-^EESkHJSH VaM — -
nd. PeR.t3wsrt#B_-n«4 «ya
itlsMdAug
OS.4F.LAi
Pm.Pr.Ac.
PoB.Pr.bi.
Pern.
Iftlf
WAG (“h!Med J'^3q Ud - ,
Mawd 2 i
!
Deposit Fund— 051-0 J
*pdrt IM w U hteww
F^dlntorea^— -KJ-® ]
Ordrary Share* QIM
5SST — tdffi* 5
• ttwd*-. Pteftwr
Nor. Units Aiis. 15™?
fa- Soft? Ufc A ™""* P fc.
MSnUMUrittanKl.UA
Standard Ufc Asa**** Cnoj^
. stanoara ure • wu^
r 2 BSK
Bi3wi»8^ CS>iTyTid««y See. L&L ___
P.O. Bn <2, faiflkd, lA«- 06»2»1
Managed
Property.
Bwtiy-.. .
Irtemrttoral
Fhaed interest
tadex United
Pension Property
Pari on CaUly.
Paipan brti.._
Pension Fxd. W
PerSon Imfcx linked
Pension C*h
_ Ortghut taue *ED and
Bridge Mona gOT tfit L»
6P0 Bn m Horw IfaM
Britannia ML Inwtrt*«»t
S«3aSr""3&® ; ii w
T&aiiwIWg Unagement Umlted
P^l Bn 73, Sl HHier, Jerwt. 0534 W33
BnmHBe liw.Tn — .(T6Jtl fi.5fl 4.W
Neit dealing star Sent 15-
Balimm Mahon int Fund (Guarnwy)
PO Bo* 188, St. Peter Port, fiuertwv. M81 Z»Wv
-tarrllng toilM'e*" illjA MM
S.D.R. Equtua ent .J17.W 18.61t+L“l'
Sas al Auo 10. Next dMltoS ** 2
~ Ham bra Padffc Fond MgmL lid.
2110, CanwipM Centre. Wong Kono ■
55 SBSiS&l!M a 1 MS =i =
Hun bras Fd. Mgn. (C.U W4.
P.O. Boi 86. Bticnwy. O401-26521
- - -Reserve Ftf.t.10525 15JU — 1 93
' ■ .nm FimdsV- Ltd. Sun AMmcc hwmace Group
mra -
■ SBfcM -Sid:
^ s ^K a rf m
i I — Index Linked Fund —.1493
‘ 1 _ EcpiltyFtnd — S7.3
1 _ Fixed Interest Fund. WU
- KS3»i::riE
*1 °d- Dmosn Fund 1KJ
I -— ■* - MomgedFimd 180i
Inti Bond Aug 18 — K1ZI
l„ j, ■! Duu^a KAmhIm*
,n-«6W7b
- L^a®!
.11.= ssa=teSJ
_llarliKoni Fund.
Trans. KM, Trust
lierf. Buni
a&sus
InL Svgi m
eon A»- Fund*8
fExdudrt HAS
1 «
Bust Fund Man. (Jmey)
P.O. Bo* XW. SL Heller. Jmey. 053CTML
sai^ii :n.p
PfUl on Aog » Nert dMIng Aug S.
QaittrrfHeinoId C0M«0dm»
.31-45. firnham Street 8«V7LJL °14I»4I77
Rest Fd. I nL AwZ.-iaf!^ ”“' J 2-00
Nett dealing date Sept 1.
RBC Intutment Mwwu™ Lil ^' t Jv , - 1JV -
P08ox 246. St- Peter Port, Ctnrwn. O481-2302L
(ml. Income Fd BJ12 ,-Sl3 — ■• [ —
lmi.C»ltnlFil a ._..W.3| Ifl lDg •„-{ —
North America Fd._.|u-» 435dl+0!al —
ftamlnco Manager* Ltd.
PO. to. 1541. Hinlliu Bermuda. (B0W9J 2-7979
Rambn Anp. 2...— IS8A6 8.93) ..—l —
Richmond Ufe Ail. Ltd.
AHillSneeLDouoin'h I0.M. '
Cow Trad—. — — JjJ.J
Diamond Bond MM
Bold Bond..... 21A?
Fond.., L’Oil
0624 23914
— Mutual insurance Co. Ltd. ,™—
E pSfc
ffiiSL”
Property— ^
Irtenuunnal
Steritaf
American luwuiuti.
Australian Petf.Fd.
Far Emi Fund
■ - FI r«-SCerllnu.
i-vrrf -— - -H?«y fSRW- 1 * 1 —
I-,..!— USM Fond*
charge nn owtf orders.
Hendenul Admin. & Man. «s*raiw> -
7 Ne*SL,SL Peter Port. Ouemser 0«83 2634U2
BBS®#Ki Sdcn
HMdmdp Baring Group .
" isi. citaeeder Toner. U, Pedtfor.st, Kon#-
J3_3 .. . -
2S.ffl+3It —
fcbMri'Fond— L?0J M7.1l ..... -
Mronuw Oil Traa... 1012 Jm|I U-O
on. 5 , iw 1 mm . .. uin
si^rL— 5SS m =
flerifng Dricsit Bd... 151B9 lf»wj .. 10.<B
UK Glh Fund. 1483 156.0) -DM -
RottacbM Asset Mamgemenf (C.U
PXS Bo* 58. St. Juftans Ci^ Guerrrrrv, MS1-2674X.
8iirg! , ^-4 0 3 siwi|
ttSTga.-S^ ffldiB
o.c:HoiWpd.«:.&« 519*4. .. i -
«nr, i|rfrmatlB.-ial Resenel Limited . __
SSM^MS BMSfcdBS
SCI too isurrn jyns
Srtrt Guilder- 5*2^ Francs....
FrenehRpna.- 1>LS> U^ S-.-r -ri-U*- 6 ”
•Price* on Aag 4. H*tl dmnq e <,
tpricn un Am. 13 1W itrdtog Axgi 5L
•riJohyfcSlnc^'AaB. IS. Next djaiwo Auj. 3L
nbcdlngs eroty Wrtncsdaj.
Save A Prosper International
S 'bS. 1 73, Si. HeBer. Jersey ' 0534 73933
Fbed Internt Fmdi , r _
5 ni*od-;?n
,'^^Lmas A»»«* 0"
*d =
Mmeori Fori— .R24.0 13L6I ■— J -
Pbmied Sart»8*G««P
be f EastS&wLH«Tiw , n M03S02B
^ si ■■'■' —
flthfifcBusri— rr— . SSg ”
&2SI&^te M::3-
M»a9ri._-_ QOB.O illliHH “ C^dS^:P4S
^S 5 Sf?*lffissa=J =
Mote Leo* Phw* ... .J* _
« ESi ^ --i = '
IS ■ «fc=S2 ajffSM* ua rHLSteSrtJS
7.12 ...J 0.M
[15 1 +8 7 i'ffl
EO.C ... 371
M51 3.b
ncrlcan 4(Wis. Fd..
STn&.._
Fund 3
fcnvenf Fund
mtUz UAMH;'
ST Plan Far
ordays Ufa Amw- Co. Ud. £F pSnu£&GJ!! l M
i2 Romford Rdv E7. , 01-5345544 GT Phi WrtSrie FM.
utjaytonds 117 BA —»»-«» cTB-i™Mfi«L
SSEEElBi
anaged 153.7
oney- 13*4. •
-onifrty — 173. *1
^n.PensJicnn.^— 179.0
a. Initial J5f5
ih EdgPem JL*. — 177-2
o. I (dial — - — . — J47.9
taai±=ISB «. .
er AbaancnWBt Ltd.
it nSCM - nw m omb «3i
CT M.e.BMiri^M2 10451 -05 —
1 ^
aea :: "i -
lack Horse Life As*. Co. Ltd. inh — I
L Lormard St_ ECS. 01-623 1288 Portfolio Fi. Cap. —
tiSSfcMTu =d= Ra»Sw=
-?iS1S«tatFiTZ." ~. — ■ Growth M Sac. U
ISfJSiroEiil H:::: = RflSiKrd
WiUwldc ! Growth Fd.. 146.97 @71] — i^ SKS!i. griSrZi]
jbncriFd— — 134 j 52 1U.71I — — c AS.SuoerFd.~r
m\r Co'5 & RK«.Fd. fe-15 lg-Tfl ■ — -
iiBiraiarSli? «::::: = ftarttm Rayal r Exdange
zwroy int Fd~T 75 .*3 ■■ — — Koval Endunga. EX JL
■Aclnc Basin Fund «.9B 97J8| - C uirdka Agarmnce
Property Bond e P
:anada Ufa Assurance Co. SE^riEdtST!^!
■b. High SL, Pot ten Bar, Herts. P. Bar 51122 STSSn.
i=i=
:anatfa Life Assurance Co of 6. Britain Do.Aeeam._
a • ax. a.u.. . (%_ - • - - la **— +--.roesrti IrtMantSnfHDkn
GT Pension End Fhd-
GTPmjllBhTMFd
AsoiemBtoni GENERALI 5-pJL
liSSSs t. EE3M5DY. Oi^BB (J733
Inti. Managed BondL-P4L7 1<W -—4 —
General Portfolio Ufe (ns. C. Ud.
Cnrataw* SL, Cheetatt, Hera. Wattiun X 3X771
Extra Inoome wi
Far Eastern Aug
High Insane Aug 27.
Income Aug Z7
URSndr
ManGnMtrAini
Australian Aug Z7
PrenhM Life Ammce Co. Ltd.
S^slSaL- isi S8-:
-iWill loofl
m a
i=j = 'taa=ii
• M Equity AccouTO J1D-4
Ltd. f&n-meti Fd. Accum_ 98,3
0404 458721 SIhyffl- taaim— S3
J +lfl - Property Fd Aram.. W.1
_rrj — Fixed InL Fd. Acewn. ML9
1 — Inml. Fd town 91.0
= Mlc^
Brawn Shipley TsL^( JwJLtA
P.O. Box 583. SL. 8dte*»„
ButtcrfMd Manag o mae it Co. Ltd.
VXi. Ban 195, ® em *Sti 1 a n
own Equity & Life Ass. Co.
London EC3A7 AY 01^1 11
R.SUk Prop. Bond — f 3I9X I — 4 —
— Property Growth Assur. Go. 144 BS SSZi
iJwiiteuse. Croydon .CB9 1LU. 014*00606 pSwalidefest Cap. -
- -L^-a I 7fRh I J — CtMMf Am
~ L0 ! — Pcnxkui P!am • ,- T - — Bortiw &p*y— J-J
d e .EBaflaesdS*
+t ^ _ CAL Investment (IdW LtiL
01-621UZ4 ragr“[|^ N!S:d - 7
Equity Laa :. I? * 7 ‘ 249J1-1J) '
psasihiscwL'ea sm— 4-
Growth A Sec. Life An. Soc. Ud.
• 48, London Frofc Exehinge, Q6EU 0M771122
FkxMeFIrance—l U9B — --
i.=
0X^2837101
3ULH -.-4 -
i-hu. A'deon & NNnu MtL Assur. LW-
129 Mngsvug, LondbaWC2B6NF. 01-«4 0393 ^SuWjral Fluid
-1“ BA ^ 3 - gKSfc=
London I ndem n i ty i OnL Ins. Co^Ud
16-20, The Forbury, ReadUig 583511. Iiwestmmt Find (A)
Fliedlwar«_Bu M+Z* -
London Ufe Linked Assur. L td. GntSftri Fhrd.^—
life* — aw = ies»£=
^ — - m; if ^ = wmsi
Ks5E ^« u r j|sa_ as,©iE=
i< = Stteaur.
iyc i la a Prop- Pens. . Fd. — .
.SESs?fe¥=-
■ raufam A Mm I r heifer Go.
g?3 d =
raw iwosy g r. —
fixed I merest Acc_ 1SJ
S SS_= ffli
tntemaiianal Can — 1^8
iniernaiMmal Acc. — 1317
American Cap JR1_
American An. 5
Far Eastern Cap
;* Annifiei
Mura
Indexed Stk..
Levdm Life
EtydVtP-
Flxf-d IpL
8 SS B
Mixed (P-t
^SSiSSSSS-. ««™KESSf i g
SeSStt = 1^9 M.9 BSREfcd
4> KWi St, Patten Bar, Herts. P. Bar 51122
azx&zs -us ffl=d =
ndr«LnkdPenF«l|LQB8 U45J — -J —
hnernaddmS
Do_ AmnL J
Property hdtlal
Do. Acami- — |
Deposit Inklal
Da.Actan.ra
: anno it Auanna Lid. g*
Olympic Way, Wnahtey HA9 ONB. 01-9028876
L^UnUs,^. 1 OM3 T+0.40 -
SSaSs=mf%i
■ v SSS5EBSf 7 jffl
differ" Si
Xnd Property — _ — 16SA
• “3« Managed .-....— WJ3 J52.a
ZnCDejycs* lj|0
'jvi. America " — ZZ I@5 iHlj
2nfl Inti. Money l|3-l 13}Ha
2nC InSex J35 ."J-a
iu3 Eq. PensJAcc — XA94 C5-3
2nd Pip. Pens/Acc 2 Qj 23*3
I
?nd Am. Pens/Acc — 127.6 1351J
r - Mlid-MoatyPem/Aa J3BA MtH
m Index fimL/Acc. 938
capital Ufc Assur* ncc
ConlstonHoMf.ChapetAshurtaL
.--ISttSBasH W
Chieftain Aswanea Fund*
„ 11 Htv Street, EC2M 4TP.
■" Managed Growth
Managed Incwne
Intemattarafi*}
XXSsss:
Basic Resoarces -. —
&££!&>=
Cash
UOM —
r oS - SSFaTirLThaial
^ - -EfeSfe.^
«* E
:-i K _ Pens. Prop- Acc. — .
til “ Pens. B D«os. . India!
_ - Ptm.3e50s.Aoc.™
ttP! - Hantbro Ufe Assurance FJ-C. _____
B+37 — 7 GJd Park Law, Landsn, W1Y 3U. 01-4990031
9 -0-5 — Ftod Inl-Dep— j^-0 IgJ ^9|J —
a 1;^ “ ^OTrty--"'- wS 7^3 —
g — MmagedCaa. — W22 2sy3 tfv
j -j»g — Managed Ate — SJ-J W? 3 to^ —
1 +2.* — Qyertess- — 2"L2 *44-8 +"-3 —
- EK edged--— iJJJ . Z2
S”?3 ~ PwL?XOep.Cap-~- J87l Bja — —
1^9 “ P^RL Pt ^ A cc. — 2S|| ■— - ~
onzsasn 8 ■■-■ “
l=i= = =
ES°aE:jS” Iftf -I -
sSi 3 ^ s^^sr^w>Mo.o»
H= SBSSISS:"® «=!=■
Property pW““?P-
Property Fund Acc.
FledbJe Fund Cap — -
FliwMeFlmidAcc.
Fixed hd-Fd. Cap.
Fixed InL Fd. Act,
GUL DepodLFd. Cm.
Got. Deposit Fd. Acc-
Hy Raid Cap — -
1*7 Fund AetLj——
unetnatlncd Fd- Cap.
tntmtadonm Fd ace.
CaMtalGwUL FtL_
MmStnala^Raid
Exenpt u™. TsL .
Exempt Property
“ Pens. F. Interest Acc.
— Pens. Cash Cap.
Pens. Cash Act—
Pens. I«nl. Cap.
— Pens. Intnf. Act-
“ Pens. American C»l
— Pens American to--
Pens. Far Earn. Cap.
— Per*. Far Earn. to. imr tmi —
— Target Ufe Assumiu Co. Ltd.
= ujf tsastfeim'
Man. Fund Inc
Man. Field Cap
Mvr. Fund Acc..
3 =
.9 —
= my
Providence Capital U fe fete Cq- Ud. , Fl i tnK._
5' 30Uriridge Road, W128PU. 01 - 7 '} 9qaU Prop. Fwid Ire.
•* “ - — ■ •« “ 47JI — j — Prop. Fd. C. xi -
= +53 -
mssks-'—ss*^ w
— ' ProskmFVtL'
Kelt Fd. Act.
— EmJ^FttS
— wPfem.EaFdto
— Fid. mt to-__-
— lnd.Pims-F*d.biLto
— Intnf. Acc —
— , lnd.Pens.lnmi.to
•16 Managpd Fd to .
*0.9 ind.PensMan.RtAa..
•0 7 n . .. .. .4.. Pd_ Acc
+57 —
+51 —
+7.8 —
+37 -
ROtaflT&UU Geneva 12. 0104122 4662BB
^ -.d y.
Casftd Asset Mragm Ltd. ^ ^ :
gss^cjf 1 *■ **"*+*■ P SSaLMi8
The Currancy Tntst _|BLOO 8WW . — I LU
CaaHai fntamtionai Fund SA.
43 Godemri Rnyal, LuxenWowg
Capital InL Fund 1 S22.4S I — 4 —
fcM° 1 ‘ 2 j 83W
^pw» U Aug 15T Next Wbdw Srotl
Charterhouse Jaohet Currency Mtogt LWL
Channel Hie, SL HHItr. Jersey. 0534 74689
CanbM tarts Currancy Fartdt Ltd.
..fljjEE= || *^“1 -
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11 Austin Friirs, London. EC2,
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— mummISl Manrivaer 061-2369432 Man. Pen. fa «c-
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= (SSSSf— —BSi
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co. Mte JH
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z JKSS u£ i«Hd^
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Z P.O. Box N3712,
_ NAV Auu 10 (2L59 26161 — J “■ - J
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New Hail Pla». Liverpool UA3K5 051-2274422 Ftol
^l^lddFd 1245.7 25991-0.41 - Grwrt
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01-6864355
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15, SL James'* Sq, SW1Y 4 La PI-930 5^4
PrlcH Aug. 1L twh deaHngs on wumtuay-
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1761 -li -
226.7 —
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__ ia Cowroe-Roadl Bristol.
01-5548899 3-vvay 1B7-4
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P.O. B«. 73 . SL Heto Jersey. 053473933
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35a4 -L4 —
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01-383 7500
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Schroder Ufe Assurance Ltd.
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01-606 B401
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+231 — TrtaSAitoGwtKFd.l S1052 I - — 4 —
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102.7 —
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107.4 -05 —
Poof ati" 706^*0000 Murtdi L Telex 524269
Sw-J-ar-BSSW -
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37. rue Notre- Dame, Luxwrtxxn
Fkffllng to I 7 1 ' ^ “
Frankfort Trust Invest me nt — GmbH
Wmenai 1. D6000 Frankfurt
SrftEKJH wa =
Free World Fund Ud.
Buierfleld Bldg, HamUloq, Berauh.
NAV July 31.
I 4 -
S’erTnxMarL'iniL— 1K-0 Z Albany Fund Management Jrii Ql-^S jl^-
DfcAaam , P.aBti 73. SLHMIer, Jersey. 053473933 London Ag«««
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t (ILK.) Ltd.
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473.1 +lj
474 6 +li
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CNdrlbutkai Aug 10 t °-°9 D ® 9 . 1 .
AriwUinot Securities (C.I.)
P.O. B« 428, St Haller. Jew-
MlarfnconwTa. --00998 lOflyMH JZg
EasintLG Energy -ptB i^S
InresL LM.Ldn.Agts.
Stertisg Fd. „^-TlM.7l«« I „ Am. Ltadars EC3. 01-1
T.Pacillc
tom Crowth FA.
bnnmqra
Deaflng m WaheaNy.
B.IA. Bond Investments AG
10 . EMrtWtraR* CH6301.Zug.SWH»TOnd
Bearer SM. to 19-n p.CO “
Bank of America IhtemaHOMl 5A
35 Boulevard RojoL Uixwrjourg S.B.
WttfVrta Income -. BM 9 9T 1673
Prices a*. Aag 12 Nrrt *w to «■
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11 = afsrtf/wsi.^
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139L3 +0J —
146.9 -L0 —
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P.O. Bar 132 SL Peter Port. Guernsry, C.I. -
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3 CeFeMlt SL, SL Wer PWLGHnmry. W.
Ggernsey Tst— ,>(2150 -ZJO.H -1-7| 3 ®
Hifl Samuel Investment Mflmt lrjtnJ-
P.O. Box63,J?n<y. „ 053476WS
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CSlerilnfl— 4017 — | -—4 —
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HK Fnad Managers (Jersey! LW.
Queens Hw, Don Hd, Sl Heller, Cl. 0534 71460
HK GUt Fund lid. IHKIO 1W.R ..-4 13-®
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10, SL Georges SL DniKlas, loM 0624 2S015
InL Commodities TrtJWJ jB3.5( .....4 —
Next dealing day Sept 2
I GF Management Sendees Inc.,
do Regfctrars, P.O. Bo* 1044, Cayman Is- BWl.
Internl. Gold Fund— 1563-78 66.97) — 4 —
N.V. InteriKheer *
P.a Box 524. Delft. Holland
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International Bond Trust
2 Boulevard Royal, Ltwembouni
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P.O. Box R237. 54, Pitt Sl, Sydney, A»L
Javelin EoulryTst ISA320 3.271 ... 4 »»
I nvastment. Advtsoro, Inc.
Flru hitrrnatlonal Ptara, HeaFrn Texas.
Finorotc Imrea. Fo. _l — SlWLi.-J-ir^
UK Agrnb: Jamn FWsy Tel: Wl-W 13Z1 Of
Sternberg Thiift Ctarit* Td; 01-^47
Imricta Investment “»”B«ment
1 Charing Cron, Sl Heller, Jersey. 0534 73741.
«KS!IH:::!iBP ^833 dE
J online Fleming ft Co. Ltd.
46th Floor, CorrmigW -Cemre. Hong Kong
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Leopold Joseph ft Sons (Guetweyl
Hired CL5L Peter Port. Guernsey. 0481-26648.
LJ. Sterling Fond -..[05 J3 1534) 4 —
rerfdrhtroprke,.
Klehmrart Benson Group
20. Fenchurch SL EC3.
KSBt= 86 }p:° :::: ||
K.B. Eurobond Fd £U.15 U-34 | «
ICE. F«r East (Gmy4 69.13 9« -.£61
K.B.GIK Fund- OOJ9 1025*1 If®
K.B. im. Bd. Fd. Ir*_ K3B — H-j”
K-B.lm-Bd. W.ACC. gfM .4157
KB. IM1. Fund R3-4?
K.B. Jawn Fund 3*37 -Lul
K.B. Steri. Asset Fd. . 0439 14 4D ..... —
K.B. 113 Gxrth. Fd. .. H?-U
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Korea International Trust .
Fund Marti Korea Invert. Trust Co Ltd.
do Vickers W Coua Ltd. tang WHItom Street.
London, EC4.
NAV Won 6,649.15. IDR *Mue USS8939.43.
. . The Korea Tmu
Dichan Investment Trust Co- Ltd.
1-518, Yoldo+Jong. Yongdureon-Ku. Sewd, Korea
NAV Aug 14 Crow 11.108) {USS14.97)
Lazard Brothers ft Co. (Jersey) Ltd.
P.0. Box 109, Sl Heller, Jersey, Ci. 053* 37361
Laz. Bros. InL Cap.
Laz-Broi. InL roc..
Laz. Bras. InL Acc .
Laz. Bros. InL Asset
Laz. Bros. InL Asset
Laz. Bros. Int Autt
Laz. Bros. Far East
Capital Gath Bnd
Lloyds Bank (C.IJ U/T Mgn.
P.O. Box 195, SL Helller, jersey. 0534 275M
Uovrb TsL Cseas — 1743 78.91 +131 330
Lloyds Bank International, 6enan
P.a Box 438, 1211 Genw llfSjItzefUnd)
H2SiiS:assSz^ HI :::: ^
te^nnd—.. vwi iraw un
Internal!. Gr.*4-..— . sa’Sd “ "
Ft Eastern*}—.-— ^L«/6 lASg.... —
BSSSSdU
RMceye/tad* __ ^
tek e kl 4 §
Schroder Mngf. Senrkes (J*t»yM.«.
P.a Box 195. St Heller. Jenry, ->M 053-275ul
Sterling Money Fd.. ^2.7847 12 74fri) _ | -
Next subKriptlon day AujiTO 25.
I. Henry Schroder Wagg ft Co. Ud. .
120. Drcapslde, EC2 01-SOT 4000.
Am. ln,TR. to. 11 . E6J1 — — +f5
Asian Fdto if 20 - 48 •
SHSAfwlji^ w
Trafalgtr F«L Juh 3J 5189.76 —
Schroder Unit Trust Mgn. Int. Ltd.
Bar 273 SLPeur Port, Guernsey. . 0481 2B75D
ififtodH ,p =: . |
irassca fcii io7ir; .. rf . 5^
SVwftdS 1 :: $1 -Im
1 Wirt LW? Fd.... 1079 mS+l d =38
Scrlmgeaur Kemp- Gee Mngmt, Jersey
L Ctariiro Crass SL Helter, Jersey. 05 j 4 7374L
SKGCaplul Fond —[1J9.4 o'*
SKG Income Fund _.WL4 a 5 45
Gilt Bond I1W.9 147 Jj +73) -
Sentry Assurance Intemattoiot Ltd.
P.O. Box 1776, Hamilton 5. Bromuda.
Managed Fund (5400W 4.4IS4I —4 —
Signal Ufe Assurance Co. LW.
I Ocean Hefghh, OueensMy. GtoralUn Te!w 2332
■ Growth Strategies Fd.- 1£298 2961 . — 4 —
'SSU£BF fc “ l * , SSa«Hii
fee'ss^rft^’w s$
. Strategic Metri Trust Mngra. W-
1 3 H|l Street. Dongles . JOM ? 3<n ‘ t
Strategy Metal Tr..-B925.0 956JS .—J —
Stronghold Manageineiit Umited -
: P.O. Box 315. SL Heller, Jew. 053--71460
■ Commodity Tnol ,-[130.46 13733) 4 —
Surtmcst (Jersey) Ud.
4. HMI Sl Dawdas, Weed Man 0624239X4
Cower Trust (Ql-91 1254)+D.4C| —
TSB Trust Fnittfs (C.l.)
10 - rtlutTSLSi. Heller. Jersey (Cl). 05.-4 7^494
TSB GUI Fund Ltd.-.FC.O 10J.B 12 «
mz -% |
Tokyo Pacific Holdings N.V.
Inlmb Matagemrot Co. N.V, Curacao. _
NAV per share August 36. S67.u.
Tokyo Pacific HWgs. (Seaboard) N.V.
Intbnks Management Co. N.V, Cinwo.
NAV per share Aug 16 549D7.
TyraJan Group
2 New &L SL Heller, Jmey. 05343733W3
L Aug 39 100.95 U.Tm+OCa 205
mfuSis).-— (U940 SJ5|+g|] -.
rwrlcan Aug 19 — 1 149
f Acoan.dtares)
ar Eastern Au
acqot. shares
Jersey Fd. Aug .
(MOW. Acc. Util
Gift F± Aug 19 ..
(Acami. Shares)
CAieum. Shares) ..... 1«12
11.701 toca
£73 +Q^
w?4
U4.J
ZTi.Q .... J
114.S .....I
244.0 .... 3
Uoyds Int Income _.pF27uJ 2363) 4 .730
Lloyds Bank International, Guernsey
PG. Bus 136, Guernsey- 0481 26761
Alexander Fund 1 51939 I -.—4 —
Next asset value Aag. 16.
Louis Dreyfus Commodity Fund
do Trustee. P.0. Box 1092, Cayman Islands.
Aug. 13- Valuation 55,433.33
M ft G Group
Three Qws, Tower HIP EC3R6BQ. 01*26 458B
Atlantic Ex. to. 17-B4J9 5.101 —
Aus'lian Ex Aug 18— 53.04 32U —
Gold E> Aug lfl 548
15KT ™*zzz ffi iSab'a SS
(tarom"ijiu5>— 12843 MLrt +*3 4.04
Management Interart ionl Ltd.
BJc. of Bennudi 5ldp« Bonmitfc. 809*293-4000
Prices on Auguu D. Next dealing Aagra 20.
Manufactnrers Hanover Asset Mgt
PO Bov 92 St Peter Port, Guernsey. 0481 23961
lsaaateJBSffiai::::ilHI
Midland Bank TsL Corp.
28-34, HIM SL SL Heller. Jersey. 0534 36281
BHgsrgwiHH
Minerals. Oik Res. Shr*. Fd,
PO Box 194, SL Heller. Jersey. • 0534 27*41
MORES to 19 19.28 4.40+022] LZ7
SSJSffi! ii*-* 7 *o-*«
«BSB*sczffiP SS
^ m (Acaiffl.Stum).r.- §14
jrjjj IwertaUanal Equity., atj
P«ifi c Equity'--'*-.- fS
Do. L025
6761 rtorih Anter. Equity.. 542
— Do. S 0935
UK Equity 199?
DoS— 3 43» 3*».
t FjS
Dollar Deposit.. 83 F
h
M ^.".zzzr.^
IS «€-£:z-==B*i
of Man. CKMMUV
U4.W ... .4 U.46
Murray.- Johnstone (Inv. Advhtr)
163,-Hcpe SL. Glasgow, C2. 041-221 5521
SHnfpSShd S5-3 |:zj -
PacMlcFurdJ0ly3L| B86 I 4 —
Nat. Westminster Jersey Fd. Mgrs. LW.
23/25 Brwrl SL, St. Heller, Jersey. 0534 7C041
Htoh Ineome FunC.„lSJ.4 55 JB ..-.J 10.J1
fsaa-®-# j d »
•Sun. day every Thxs.
Neg'it SA
10a Baulexard Rotal. Lroiembourg
VAVAug9 89^5 - I 4 -■
N.E.L Intemrtlorml Ltd.
P.O. Box 139, SL Peter Port, Guernsey, C L
Sieriura Deposit -M.9 M.3 — J —
SKrflng Fixed Inttrrw. 65.7 M.a —
Sterling Managed . .... 60a> 65-9I —
rnd. Fired intorr.i — 7Z.2 78.3 •— —
Irrtal. Maraord 61.6 »-fl -—4 —
Northgrte Unit TsL Mngrs. (Jersey)
PlO.Bax82,SL Heller, Jersey. 053473741.
Pacific W Aug 11 .—RB 71 9-27] — 4 —
Pacific B»ln Funtf
10 b Boulevard Royal. Lnremtmirg.
NAV J S13.M . I+BSH. —
Iny. Mr.- M. « & liw- MngL Hi, londat.
PlweitK International
PC Box 77,51. Pew Port, torn. ' 048126741
Inter-Dollar Fund.— (2.95 JOB —
Far East Fund.--,- 225 25fl -
I«1 Currency Fund .. 51.H 1.711 —
Dollar Fxd. InL Ftrtd. frW 3flS —
5Wf. Exempt Gift Fd. L79 L?3) — —
-Providence Capitol International LW.
PO Box 121, Sl Peter Part, Guernsey 0481 26726/9
UKSuckmarket ..—..IEC929 0-9991 +«itK -
Ind. Sta c V n wrfc c t —
Warifi Technology.—
#). Am. Stockmarxet.
Far Eait
UK fixed InlwMl — .ia OZJ Lien *S2ffl —
Ind. Find InL BO-S? ISSai^ —
Inti. Currency.— — ftO.921 O.WfflrllO^ — .
Inti. Money
u.id"
51Z.DOJ.
dullng Aug 3a -
UK Property 1%4
Do. sT.......— 3^5
Int enrol. Managed -.1202
UK Managed aW-6
Do. 5—— —13.455
M. 6- Tyyreil ft Co. (Jersey) LW.
P.O. Box 426, SL Heller. Jew, C I. •
Ortae I - SUM* --I -
&'r7SiJSngFfenL e 5f* t “
6£RS9!ME^Eaa ssm 0 ^ 54 ^
Union- In vestment-Gesellsehaft mhH
Postfach 16767, D 6000 Frankrorl lb
8 SSE=^Jj lira =
Urirenta — .- — [DHJ7.K 3VJD|-fO10| —
V.CJL Fhranetal Management LW.
42, Enex Street, London, WC2. 01-353 6S45
PanAmer.ffsFd 154.48 - i I -
Vanbrugh Fund Mngmt. Inti. LW.
28-34 Hill SL Sl Heller, Jersey- • 05343631
VuXngb Ccrrtncy Fd.|113J .113.31+0.11 7.93
S. G. Wnrhorg ft Co. Ltd.
30, Gresham Slre«, EC2. 01 -600 4555
Mere MnyAafl lb — .IClb.JJ JeJj ■ J —
SdeeiRtuAjij 12.-151025 W.uS|-0.«l] -
Warburg Inert. Mngi risj- LW.
7 Ifcary Ptace, SL Heher, Jsy.CI OS? 137217
Mere Trait Aug 20 |13A#9 li 4-T I
Wardley Investment Sendees Ltd,
4th Flow, HutcMsoo House. Hto ijto
K!SS®T3,^ ffldS
IVorM Wide Growth ManafferacntiS)
10a, Boolerord Royal, Luxeretiourg
WorUWHIe Gth F4| W68 1 J*'J Z 'L—
Im. Ad*- H. G o. Im. Kwjl Lffl. Iwhul
SgSBEzdW 2Hj ::::} 5^
pSSS® i Fund. J419 147 J gjp
Wren Inti. Fnd. - — ..fSO.778 0810) —
NOTES
Prket are l*t«ne* oriess «u»n*ire indicated and
those designated $ wli'i no prefix ref»» to U A"
dellars- VWiU%tshqi*n in Ian column) allow fw.atl
buying eowoses. a Offered prters Insfefs aH
eroensn. b Today's priori, e Yield M:M en offer
orke. d Estimated, g Today's opcrliy price,
h Dh t rtbu tknt tree of UK taxes, p Ps'iodk
premium Insrancc plans, s Single premium
Insurance, t Offered price tnciuCes ad expnras
except agent 1 ! comntaion. y OKctod piles Incudes
all expenses ffbmrfilUxwnfinHnegefs^ Prcviota
day's Uric*, f Guernsey groa. f SucpemM.
p Yield before Jersey tax. f Ex-sutcuxision.
Only mraOpbie to craritaMe mho.
I Jt wr
FT SWARE : INFORMATION SERVICE
Financial Times Friday August. 20 1982.
FOOD/ G R0CER1 ES-Coot"
MO
1M Lav
M S {.
LOANS — Continued
MO
HU L«
30?b 95*2
101'a 94
92 »
* ?P
98 78
99 82
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67 55 !
7W 2 62 j
H«2 57,1 !
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1982
HU Ln
BANKS & H.P.— Cont.
1 1 Stetfc I Prfn M « W'
ELECTRICALS — Continued.
HU*Uvi 3 tmk UM6 IcvIK!
Financial
FFI Mpc '83
FFlIUKFnBJ^ 'BIW-
oo. vac at. 92-84
Da. lOJft Ui&Ln. 86
Do. Upc Uns.Lo. *BS
Do. Uib-Lb. ■%
Da. 12t*k: Ua La 1992
Do. VacMtt. 8992
Do. 7Z#cAO*. *91-94
Do.9pc‘A”91-W_.
Do. oW"- -92-97
1031, +4 1358 13-37
. ... - —
9l -2 7.62 H90
98b) -I- 10.71 UJg
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98>d +3ii 11.99 1245
99d +1 HAS 12.70
7U +1 10.43 1249
67s) +V-. 1042 22.90
7612B) Tl 1170 12.82
791 jbI +ij 1196 1244
BRITISH FUNDS
Building Societies
tit
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2 rd l l taL J
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FvstCMc«o$5.
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CANADIANS
9.02 826p
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4.79 1 25.09
9.78 1 15.60
4.7 %
8 £
12 ^
1,3 U
£»2
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FalrdoughCons.
Feb. IraJ. 10p_
RU Lav
282 1145
Company Search Service
01-236 9502
Stop wasting valuable time waiting for files at
Companies House.
' Call Annette Walker to order your Company Reports.
Charges quoted below include paper copies of Documents
{irrespective of length of Report) and postage.
\ LATEST ACCOUNTS and ANNUAL RETURN £30.00+ VAT
FULL SEARCH £15.00 + VAT
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v MICROFICHE £5.50+ VAT
:. {includes all documents filed) .
To order your reports simply call Annette Walker on
■ 01-236 9502 or Telex No. 881 1 506.
N.B. Companies registered in Scotland take 2-3 days.
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£11% 525 Durban Deep Rl -
602 259 Eul Rand Pro. Rl..
£31% £19 Rantffanfn ElL R2
37D S3 SuwwfijKlrWiB..
124 52 West Rand R1
i . , . i i Unless otherwise hvBeated, prim and net tfivkiwds air hi perns and
* ■ ff? - I’™ dmombwHons are 2So. EsUnrated pricefeartihigs ratios and euveraare
Prtet | - «« |tw| Brj mud w latest jowl reports and accounts and, "tore passible, are
M U 79 updated on half -yearly figures. P/Es are calculated on "net"
S •aye n 0 fin flarfco»l«* baste. Wrings per share being computed Op profit after
S * rim 18 ?'n “*•«« and unrelieved act where applicable; bracketed n*irw
«n Sc 1 ™ u on Indicate 10 per ce« or more difference If caJetrieud on "nW'
« <Smv 1 3 on dUMbuHon. Covers are based on “max*noat n distribution: this
* +«j wi X M compares grots dividend costs to profit after luxation. excluding
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SI. 7? iS 30 per cent and allow for value of decJared dhtrCWtan and rights.
Mai +2 vsOlOc ZD 6.6 0 Srap- Sut3( ,
235 48p 23 4.9 • Highland Lows marked thus have been adjusted u allow for rights
50 ...... v015e A 7.1 banes far cash.
„3-> +* kQIOc 13 119 f laterim since Increased or resumed.
150 10 103 LO * | nterini cJnce reduced, passed or deferred.
18 — — — )t Tax-free to non-rrsJdnts on applhaUou-
4 Figures or report awaltro.
4 USM; not fisted on Stock Exchange am) company not subjected lb
c same degree of regulation as fisted securities.
* tJ OraJJ in under Ride 163(3).
MS AO 191 15 * Price at time of suspemlon.
300 ... 4100 — 43 9 Indicated dividend after pending scrip and/or rights Issue; Wrer
20-0 19 73 rotates to orevttuj dividend or forecast.
370 -S" 33 n 09 12.7 ♦ Merger W or recrganlsatlon In progress.
252xd 73 _ 4 a * Not comparable.
106 R.4h£ _ 11 'S • Same Interim: reduced final and/or reduced earnings indicated.
^ 45J) _ f f Fareoa t dividend; cover on earnings updated by latest Interim
213 325 L5| 8.4 g toferrilows far conversion of shares not now ranking for dividends
or ranking only for restricted dividend.
K * Cover does not allow ior shares which may also rank for tfiridend at
a future date. No P/E ratio usually provided,
ff No pv nkic.
Rand * Rate applicable to non-ZbKabwean resideKs.
. ff Yield based op assumption Treasury BUI Bate stays unchanged until
IjPa +%. Wine] 3.JI I maturity of stock, a Tax free, b Rgires based on pros ;? cue or other
537 [+12 1 SQ5Gc 1133). t official estimate, c Cents, d Divide nd raw pakl or payebte on part af
£29 “b l+l 2 I Q75Dcl 3-6112.5 caohai. cover based on dividend on full capital, e Redemption jrteto
124 [::;:::fiQi5ci £
Eastern Rand
INSURANCES
84 66 fingtoMewpofltan- 72 ...... *20
■ a 332 103 Ape*. Props. IQp. U2 2.0
no 33 25»j Aqute.Seet.5p. 29bd M.0
2* 122 40 Aifrtinaritlm.-. 4g ...... —
ifn 64 50 Balrww Etres5p 62 -2 b!51
-170 113 Bearer f C. H.J lOp 168 -2 17.9
214 172 BOtwifPerey)- M4 -2 75
200 174 BradfottIProp._ 200 ...... 5.0
94 7m, British Land Mri -2 05
£314 £255 Do.12pcCpv.20Q2 £284 -9 012%
113 92 Srixton Estate- 104 ...... 35
135 108 Cap . & Counties 331 -2 35
135 112 Cardiff Prop 20p. 112 . — L6
21 14 tfMlonfleallfo 20 -h —
45ia 25 Durian Inr. HICU 25 -* tsQ37c
194 161 C'mrovtadalJOp. ITOsI ...... 43
, 370 295 Chesterfield — 36S +5 755
595 520 Cfwd*?y_EsL. -5 133
550 4G0 CAl_A50p._. SO fl4_3
Finance, Land, etc. w ||
Stock | Pike I*-"! R |pfr|Grt|wE U4>* P69
309 +2 tll.25 IQl 5J 215
Hken Hume— 1 165d|+3 I 63 | «
124 52 BracteoWc |
101 69 Cent. Mcdd'irin 5c.
110 52 EastEh«rEl„/
59a 3B4 ERGO «50
450 248 Grootriei Sc
653 553 Kinross R1
126 52 Leslie 65c
127 63 Marlevaie RO_2j . [
247 92 S.Africsn Ld.35c— I
139 63 «W*iniein70o_l
■bask R1
Nigel 25c
122 -2 ffi60c 12
99 +2 - -
81 ..... - —
290 -13 0110c 14
450 +3 M14Te 13
653 *S3tmc 12
113 -S $05 4c 14
— /Flat yield. pAssumed dividend and yield. JiAjsunud uMdend an d
$ jdeld after scrip Issue. J Payment from captor sources, k Kenya.
m Interim higher (hen previous total, n Right Issue pending.
4 Earnings based on preliminary flwjres. • Dtridsnd and yield esdode a
medal payment f indicated dnrdcnt cam relates to pm***
dividend, P/E ratio based on Idlest animal earnmgs. a Forecast
+ tflvWemt cover based on prevknc year's ranHngs. v Subject In local
— tax. a DtvWend cover In excess of 100 thnes. y Dividend and yield
based on merger terms, t DMaend and ylrfd include a special payment:
18-9 Cover dors not apply to special payment. A Nit dnhbnd and yield,
t BPtefereneedhiUend passed or deferred. C Caredlaa £ Minimum
i tender price. F Dividend and yield based on prospenus or other
t official estimates Air 1983-84. G Assumed dividend and yield after
t pending scrip and/or ripto Issue. K Dividend and yield based on
247 >1 +16 HMCcI In ^ll prospectus or other official estimates for 1983. K Figures based on
133 +6 63Jfc I * IllJ/ praspeems or other official estimates for 1961-8Z H DWdend and
£33<fa -> 4 $fl410c| 12) $ | yield tnsed on mospectus or other official w bra res for 1983.
66 —
CLSiz +1* 0S194 — 84 — ft
«8 + 1 * 0^5 — — 14
003 020% - Z.4 — iffj
s — — — — ai
270d -2 tlfi-13 -8.5-224
£3Ha *h 0S1B0 — 9-2 — 23
137 218 - & B *- J9
34S -2 15.D - 6.2 — oo
9 ..... Q-3 — — —
£UN -3 09% - ffl-2 - 7D
450 ..... 15.0 - 4| - jy,
282 +2 1625 — 8i — 7 q
292 17-5 - — us
242 +2 rf 17-52 — 6.8 — tra
357 *2 1 31 U 5J10A %
99tf-l 6.0„ 17 8.7 93
333 06Wt51 -3.7—J5
2« +3 Sg - 7J - §
QO 0144c — 7-2 — ]»
36 -2 11.9 - -W - *3
190 10H Zt 7J 9J its
OBI, 4-1 QSZ20 13 7.B 15 a«
W2 h3.8 2A 3 J 14.7 jg
394 -2 23.0 - 8J - 2W
258 16.B — 93 - q 5
261 4-1 12L5 — &JS — 74
244 -? US’ - M - 34
550 AM C ALA SOD.-. 550 J14.0 36 3.7 9
125 % Clarke ItfleWls. 98 -2 « 33 63 5
2/0 245 Cww»H«B52to K5 . — 195 43 It 29
5fl 37 Control Sect 1& 40 2.76 1? 9i 01
S a k BSGCft, ^ UU|
H 1 S a- « H 8 i
324 45 Oaon Dei CorpnU. 58 -*-4 Q16c - - —
! “ — 210 166 Da. Capital
f7 15Z £6 58 Ambrose Inv. Inc.
9 5 7 » Oo. Cap.
if 149 as 57 American Trust -
16 233 63 54 American Tsl 'B
M * 148 128 Anglo Am. Sees -
*5-3 — 481; 42 Angto-lnt. Dtv —
ffl 17-6 238 201 Oo.AssetShs--
41 071) 72 60 Anoto-Scot. Inv. -
2-0 — 82 71 Archimedes Inc. -
— — 63 40 Do. Cap. 500--
323 95 A-Mfw.CSi&l-
3.4 gj aw 178 Ashdown Inv
£8 35-9 30 26 Aset Special--..
£4 159 74 65 Atlanta Baft. lft>.
3-7 92 66 53 Atlant'c Assets —
S-SJ'S 99 68 BallUe Gifford Japan
J-? ??-9 89 71 Bankers' Inv
192 -2 0J6
66 42 73
95 4l -
63 Z25
7-2S IflSa ag Q6fl (Akroyd Smlthe'rs .1 269 +9 Itl3il 18 7 3 110
10 0-3 48
10156 74
39 lArgyte Trust— .1 42
- 1 — — 97 52 Bomatwnd
Ira. 2ft). | 74
52 -2 3J I «• | 9.6 «
59
136
43id ....
233 +2
5 -l | 5<M; 36J; aritamdaAremf- 59 ...... 15
- — TV 90 55 C.
5-1 Hit-2 *46 35 £
5.2 0.9173 £75 £64 1C
•T TV r, MS 1Z3 e
Trust- 6ftd
In. 1ft) 1 37
93 £m £U%)3u)7elsRJ_
Far West Rand
[Blyvoor2Sc
■3infplC R1
5.1 73 862
£72 _Q8% * 016 -
— — 195 123 Ehgflsfi Assoc.- 340 3.0
S3 225 172 ExcoIntlOp™ 206 +3 g43
10143 Hl 2 u) Ex Lands 10p_ U 0.6
— — 230 205 Fashion 4 GetLSp. 205 . — J0&6
tr 3.di?.4i
ZO 82 7.7
10 i MU
I-S 145 91 Hambro Trust- 95«f ...... SjT « 8.1
70 -1 10
61 ... • 03
71 +2
A.9 0.9 53 251, 15 Hampton TsL5p- » »1 — _ - 4
, - - — 94 53 Haw Par. S. $5- 56 vQlOc S.CfwJj
10 22 20 380 337 to Inr. 1st. J». £1 338 OBJ) 14 2.4,29.9,
03 * 0.7 28 241, Investment Co.. 2S*z -h dl75 Zffi 9.SI6.6}
, - - - 65 45 KakuilkS/- 60 0110c 4 102 4
9^0171 187 [151 Berry T-un
2-9] — 96 84 BIshocciiaieTst.-
4-818.6 g3 75lj Border 4 Sthn. lib
Z! 71 51 BtwurTbL
W 55 47 BrlL Av. fc Gen-
— 8-31— 23 16>j Dares Estates Up. 17 -h 125 15H3 J 7.1
S9 5? tPn*— » *1 r, r, r,
76 lEsplev-Tyas- — I M 1-3 3,96 I &.7I 6.3 2.4 200
^ EStS- & 8W, ZQp . In
136 Ests. Prop. im.. 343
- 103 91 British Assets.--. I
7-9 16 |i« [BriL Emp. Secs. 5m
“ 154 [UO rart. W 4 Gen. Wl |
2-4 200 hBO (Brit. Invest.. -.-■■■ I
85 — 70 55 I Evans Leeds 63 -1 225
f-S — 115 95 Falrvtew ESts. 50p 107 94.55
M ” 178 132 Fed. Land 2J2 4&69
5-f Mi ^ i7 Fm Oaks lm5p 17 B--
K ,3 1B8 138 Gt- Portand SOp . 1M 95-0
hi — 85 74 Green (RJlQp- 76 -1 tZiS
7-1 — 17 15 GrcetKO^Sp.- 16U —
H “ 162 116 £rqtMfi9Ktsl4 HJcf -| W
W TV *637 520 HarrunerMn ‘A’ 605 -5 uD-0
7 A 125 95 ffiWHjpftipWi- m 6A8
I'S-Sr «4 335 Hastemene 1.0®. 388 6.9
32 14.7 m 51 HKLandHKS23 58 -4 s034c
■ m -2 LO 0.g 1-0 - 224 192 Broadsione CZ0p>
i. 59 L75 L9j 4.21(115) I 05 741, Bremer fnw ,
- "K -liS =-a 2-SIH-? I 08 [264 2 {Caledonia Iran I 4M
54|l2-fa I 44 29 Cambrian and Gen.. |
86 —.3,93 A 6.7 H u KfitocLSp 21 -1 0.19 23 U DM) Oi „
154 L7 11 U jt 14 03.Com Prf.5p 20 -1 0.19 2 3 13 031 M
I? H 51 1*7 95 IMi'ic T artar lDp- U8 *3 10D 17 12.1(621
81 *3 12.75 13 43 la 16 KwahulOp-...- 16 184 0316.4 0111
3 -1 II H TA 24 16 Lsmont Hldgs. 10p 20 ...... 13 13 93 {731
5S 0f "i H HH 221a Wa lofrtwImfcSp. 17W 0.80 2.0 7.1 9.f 265
99 +2 i4.4 LI 6.4 ^ 47 ]_*. Mercham- 51 ...... tL03 2.4 3.0 173 £17
15l« 085 12 7.7 58 29 Do.Defd 32 — — — — Sr
133 -J 55 J-2 2-2 C73 t63 ffcfteiiosaawB £49 ...... o7?i% — nu — m
189 H Z'S 320 266 M.&G. Group.. 272 +2 i 29 j 23 7.210.4
205 -1 7 45 0.9 5| go 58 Makdie Inn. 10p 60 -3 2.75 U 6.8 013)
77 -1 13.15 10 58 4io 280 Martbt (R.P.)5p 310 t8.25 33 3.810.6
hlSia 11 « 450 373 MenaniJIe Hoose 4204 14.0 23 4.9 ill
‘ Dealhraa! R030.
Docmfwrteln R1
Dlnefontein R1
Handtrarefflld
Elsiwg Rl.
Kartebueat Rl
fUPsliOoofGoio'Rl
575 USanen Rl
£10% Sauttocal 50c
431 SliHorain50e
£201i|Va3l Beefs 50c
Ventenpost Rl.
Western Areas Rl
£169i EUftifWesleni Deep R2
522 +3
at>-a +h
m -2
sa +M
£Ui z
262
— I _ ) N Dividend and vlrid tasrd on prRaectus nr other official estimates
for 1982-83. P Figures based co prospectus or other official estimates
for 19B2- 0 Gross. T Figures asswnrd. 2 Dhdderd total to datr.
Abbreviations: d ex dividend; a ex scrip Issae; ir ex rights; a ex
all; dt ex capital distrtautlon.
90c [ * 1 183
* 1^9
REGIONAL AND IRISH
STOCKS
JVI SiOCKS
A 9.1 The folloiringb a selecttoi cf renism and Irish sucks, the latter being
quoted In Irish currency.
40 |+1 I
«m.Carai «t lo-J £13« a 0483 * I 3.W «
0-F.S.
265 1 150 [Free 5Ute Dsv. SOcJ 225
"*■ I"- F.S.GeBuM 50c 1
Harmony 50c
Pres. Brand 50c
Pres. SteynSOc.
St. Helena Rl
UniseJfl
We1!tom50e
63 7.4 467 Luo Camellia I nvtlOp.J W ...... 60 4.U 2.0 ^41 qtjj Utrt Trans. Tstlpl E3|l* ...... Q4i0 IH 3.3 ♦ £231.(a2lR|w.HtiWin91 50c
MjfW 102 fsi Cardinal Ofd 1 .£ +1 l if ?■? 375 135 Mexto Fund (nc 163 +23 -- I - J - I - •*•*«*« Hie.nowmsi
f^a -
30
£20 . —
90 . —
T5S . —
85 . —
£U1*
151
■» ......
238 .....
£99% —
£74%
04% ..
92 +2
220
74
SO
16
33
78 +i
5
50
292
912
384
734
180 .
£24%
507 [36S
wp™Maa=
507 152)
LEISURE
51% 1 57
137 IlSS
* t
332 %
<3 «
45 29
28 13
57 fc-RTVIW.a. *0 5.«
.03 AngtJaTVW- 137 +1 t*-0
76 Asoc.Le<s»5« MSaJ -1 55
45 tort WA-T.'A . 72 10
35 BUekEdgtn.50p. 44 . — ; jU
96 Baofey&IMm 96 j.9
42 Canm# krc.20p. 46 f*l
29 Fatrthr Boats 2Qp 29 - dlO
13 GRASnopSp;. IS2
W — 275 2S Irary Property- 250 MA 1
, h- n ftsastt rra t
sets Jpa- « I
m -1 Vo 22 4.9130 ftSdnSSffi.aw'; -i m% 5.
116 -1 TS-1 18 6.4 1D2 cc 48 Land Invest. 52 ...... 10 1
m. —. 13 J) 16 68117 3 S jS SSsS" 284 -4 MA 1
778 -4 - J® - 234 170 Lend Lease 50c 172 — 5035% «
363 1+3 110.. - 43 - 490 WS Ixa.Prw.S6p.lftl. 432 iW f
0-2 — 14O m Luo. Shop Proa 324 —3 N5-75 1
5-7 - iSs aa tobi^S.NM. £336
4-2jl5J 240 180 Lmton Hitts. 20p 192 -3f 3-75 2.
*2 44 167 MRP C - 294 -6 2
17D 124 Hvttmb5(itcML 158 1365 1
•45 32 RAartfaoreugh5p M OA 2. 1
73 S3 Marier Estates. 71 -2 20 1;
- SS-
490 W5
&&
£100 m
240 180
•244 167
170 124
ft 114,2) — 34 2J MclnerneylOp. 28
3j{ 6J 6.9 147 118 McKay Secs. 28?. 120
■ft 731 ft 55 43 9ttoiaadSecs5p. 43
— I ifJI — S6 69 Mourafelgh - — 73
,-e - - 108 731; Cedar Inv
H 2658 178 Chan’l Is. lne.O.
15 4.7 6.6 223 1M Do. Cap
7 7, 7 81 70l 2 Charter Trest -..
1-2 J, 147 140 ChM Health £1~
37 » City ft Com. FiK--
22 12.fi SJ 286 222 Oo. Cap. (£1) —
1J |626.0 "S If eg ft Fur! Inv--
H H12 Ufc 95 City of Oxford--
P 1-7 48.9 J40 120 eiaverbous- SftJ-
la tv 288 298 Comlnem’lftind.
16 51 365 228 Cres’nt Japan 50p
r. 7, J. 125 103 Crossfriars —
105 92 Cystic FftrosiSa
- 41 35 Dana(lna)
12 2.7 432 4 % Do.(Cao)2p
P «2S-2 260 2» Derby TSL £3
f. * 342 310 08.Cap.ap —
H H — 280 252 DomlnlOT&Gen..
li 6i{»D 175 240 Drayton Japan
““ W-8 - 191 151 Drayton Cora..-..
— flOJ — 83 79 Orwton Far East.
21 18 239 24 D De.
J4 48 210 232 190 Drayton Premier .
3.6113 — 70 60 Dualvest Inc- 50p.
f? HS2 487 <00 Ob. Capital £3-
H Ml”? 200 SB Dundee &Lon. T
4-1 H-5 30 1Q8 91 EdlrtrjrghAm.TsL.
21 12 213 72 64 SHntasrah Inv —
*_ 68 ft sa 52 Elecira Inv. TsL «
107
193 +8
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(40% 1E20.7 Ui 2 H.M.C.IWtlSriL I2n) nO.75 16 E.9 05J
“ r. r. 305 237 WiertnCn-lffll-J 247 +1 - - - —
Finance
_r-- -LAO
43-9 J40
f- 288
51 365
w 3-45 <- 7 19b 17 Parambe lOp -ri l|i z ...... 0.7
- 7J— 103 85 Park Place inv- 97 +2 «A
37 2.99 I 10(116 1 276 204 Pen-son (SJi Son 273 Ill
37 2.99
253 —
69-1 —
103 -1 5.5
268 -4 130
238 +1 15
irfrn -2 15
103 -
41 +lj 4.0
103 85 Park Place inv. 97 +2 t3A
276 2B4 Pearson (S)i Son 273 112
— £13ij 02 Srf ifcftg.ftif’rL £22 —
T-, £79 £64 S.L£4%peAnp- £76 ...... 04%'
7 -* 48 35 Smith Bros. — . -1 LO
U 680 M TduxSAH-^ MB M4t
87 74 Md&mp&Ttdia*. W ...... ,0|
M 60 40 Wfttpoof lm.... « 101
7 -0. 13 ll YorisgreeniOB. 12 0.44
y W 60 40 KS
♦ 7 -0. 33 111 Yi
T ,rJ 95 I 70 lYi
lOP-i 70
23 5.7 63
25 5i 52j5.9i
?*ki I H2X0 j r®iu
266 -4 115 111 62
346m -2 M3.0 11 29
159 -3 7.9 II 71 «fi
53d +1 124 M3J 21
Id _ _ _ HUS
28SM ■■■■■■ 1071 3.1jn
67 735 10 15.7 47
475 -2 _ — — 258
97 -1 4.0 10 5.9 |75
105 +1 0.85 UJ 12 324
68 +1 2JB 11 4fi 65
Wa .3.0 11 7.2 56
OIL AND GAS
5 4(20,1 1 30 j 21 [Arm Cargo. 16*0.
gJMl 061} 975 A»g.Aa.Coal5flc
col SA I 675 B80 lAngfoAmer. 10c
' Am. Gold Rl
AnplovaalSOc
Darter Core.
Cons. Gold Fiel
East ItiJCcmlOp
GeneorJCc.
Gold FWdsSA 25c.
tor? Can. R2
MidSfs W!t25c
Mlwrca SSDL40
■HVHSOc
Patino KV Fhj
tend Leaden 15c.
Sad Kin. Prscs. m
IOC.
SilvemlrKS 2-
HdsCwPref.
FvaoJ.Cons.Ui.Rl
U.C. invxtRl
Allied. Lyon*.—.
BOC llra._._^,.
Babcock
^ Barclays Bank
OPTIONS
3-month Cali Rates
I H owe of Fraser.. 15 Uld-Drepery-— fj (
I.C.I Z4 yietrer, 261
■■Imps"——.- B tvosiwonhs. — IS 1
1 51’
U«HT*e- IS Property
yr It g*^^ 5 **- S }2 BriL Lent 7%
91 geeehara.^ — „ 21 Lei Service 10 rja. Counties— 10
2113& BhreCJnfe, 48 UofdtBank 4? LandStecs-__ 2ft
ft 8-7 Boob 19 “Lite- 6 % mepC-ZT“ M
2.9 8.0 Bowarera— — 24 London Bride — , 7 -r
21 8.0 Brit-Aeraspace- 17 LacelmB .— *0 s^murl Props™ U
15 83 8. A.T 38 "Maas”. -2 TjymfiCrty 3 a,
2310A SrawiHJ 7 Mrfcs.6.5pncr.-. U **
j 7,4 BurtonOrd IS WdUndBank— S3 Ctti
f 3 7Q SSSsHZ 8 SaLWesLfcnfc; JO BrlLP dnjcwsJ 26 j
? 0 Z-2 Oebentams 7 PftOOfd. K
DtetlHers M Wessev 3? ^6
129 105 (Elect, ft Sen.— | Hi I" 1 I 2 - 65 I °-
-[28- 98 74 MncMiiwlAftJO 80
2 »> 9.d(6J) ;370 W UmCamreBshfr 3JJ
— 1 S-Cj — 1 154 122 North Brit Press.. 123
MoumtewSp- 1W -6 3 2 83 23 6.9 475 275 £wig*S»-iSfre35
[MtxitartA-ftJJ 80 t3JB8 17 6.9 OLD 128 103 Eng. & Internal! ..
fe»C»w*hS A --- - - 102 S5% Em j. ft W.Y. Trust
North BriL Props.. 323 -1 33 18 3.621.8 73 59 Eng. ft Scot Im ..
-1123 I 37is | 30 IPaifaftJe Hldgs, Zfc.1 » 1 | 0-4 | ft I LBJ ft
305 — — — . f 153
107 *2 5.75 10 7,7 £71
94i«f +ij 4.15 16 63 Igf
6& +12 LB 0.9 4.0 »5
ij if 142 ( 84 [lfArs0linds20|>. 84 -2 U5 23[ 22)293
IT 7? 236 77 AmrffPet2qp.- ff -2 — —
« 13 26 33 M -1 253
” ” *« liM hfAflanfle Res.. MO ...... — — — —
BerieWExpIn. 32xr -3 — — — —
Branona 95 +2 10 15 32 M
mb?' flSwo' MS _Z u 22 U9 ]30 |-jo [ Vogels 2^ -
Britfkroleum 270 ZZ 202 5 12 W.7 03)
Da.8%pf.a 65 SA* * i2J - Diamonds
^EjZiREsMflS 1 -l' — n Z H £361; (£21 Unglarften.liw.50c..
139 -2 8j .75 8.7 5 ft 3« 16S D ^gL^v 5 |r-
gSS-SS'B •5*”'??= US 111 , sstsu-Jt
nofB fis ssaasejs I. - :: * S iS
305 1+5
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$ ID.0 Qu tap
— — EagteStar
— — F.hLF.C.^.—
53 4Jt G«l fieddest-,
ft 116 Gw. EfesWe
— 73 Glaxo
_ 571 Grand Met.
23 67
is + Guardian — ™
7 $ GJCN
w >■< UuliuCbU
__ as noirey-,— 1 i
fit,, teal P/ct- — -5 |KCA - ..— — 14 1
I~ f aStcrtLore... af 5heii.-« >?{'
t„_ 2S B?«f InsnL a Tncentraf ^
6 S Sears lUBranur 3S |
42 T.I.- 13 J
17 Tesca. SijjKloaj
— S 42 (Charter Cons. _J 25 [
2S Trust Houses __ n [com. Grid^ZJ 45 1
15 Turner A NewMi. M S, \t\
--J 30 Unfimw—— j 5J iRtoT.Zto; _[«J
Diamond and Platinum
seesML-i ttmiffix*
4 Mtectfan of OtXbws traded fs.gtwn on the
Lunian Stock Exchange Report page
239 -1
640
258 -6
134 -6
170 -6
05fc £0114 -Reeeift 1 s5um h and “Bfgfrfa ,t page 21
85 Tim xerriceli wUiWeto emyCompany delft m onSCttck
Jo i Etttonga throashaiit the Unttai Kh^dom for a fie af £600
<K5c 2.1 Hi per annum lor each security
i
26
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For
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01-464 3377
FINANCIAL TIMES
Friday August 20 1982
BELLS
SCOTCH WHISKY
BELLS
Steel union to fight plant closures
BY . BRIAN GROOM, LABOUR STAFF
THE MAIN steel union
embarked on a collision course
yesterday with the British Steel
Corporation over closures,
redundancies and pay.
The Iron and Steel Trades
Confederation threatened indus-
trial action, probably involving
limited stoppages, if talks failed
to halt job losses.
Mr Bill Sirs, general secre-
taty of the ISTC, which claims
to represent over half the cor-
poration’s 96,000 workers, said
he expected “within the next
few days" announcements of
closures and thousands of
redundancies Involving a num-
ber of works.
The union’s executive council
drew up a claim for national
wage rises of 9.5 per cent from
January 1, and signalled that it
would not negotiate increases
in local productivity deals.
BSC is expected by union
leaders for the second year
running to offer a “zero” pay
rise at national level.
An announcement on
rationalising steel forging
capacity in Sheffield was
deferred yesterday because of a
technicality. It involves BSC
and Johnson & Firth Brown, an
independent steel-producer.
In Scotland Mr Jim Macken-
zie, managing director, BSC
plates, meets the workforce of
Clydebridge works, Carabus-
long, today to discuss the future
of the plates business. There is
speculation that the plate mill
will dose, with the loss of 450
of 600 jobs at the works.
These developments follow
the Joss of 1,122 jobs at
Ravenscraig. Hartlepool and
Tipton, West Midlands.
BSC's workforce is planned
to fall below 92.000 by March
31, but Mr Ian MacGregor, the
chairman, has indicated that
17,000 more might have to go.
The corporation is reviewing
its configuration of plants
because of the fall in orders.
This may speed redundancies,
and one of the five main sites
may close.
Mr Sirs said: “We are not
prepared to see this go on. My
executive has instructed me to
seek a
The ISTC has discussed four
options if talks fail. Mr Sirs
said these fell well short of a
repeat of the 13-week pay strike
of 1980. They are believed to
be overtime bans, limited stop-
pages, work-to-rule and refusal
to discuss severance pay.
Whether steelworkers can put
up a fight to stop closures must
be in doubt, • though Mr Sirs
detects a hardening of atti-
tudes. Almost 170,000 steel
jobs have disappeared with
little resistance, as workers
opted for redundancy money.
Mr Sirs said the industry's
Problem w «l»
Steel to demand from them an surge in imports. He called
immediate improvement in
industrial relations, restoration
of full consultation and an end
to the vicious closure and re-
dundancy spiral.”
the Government to take action
under General agreement on
Tariffs and Trade rules to re-
strict them.
Sirs rebuffed. Page 7
ISTC attack
on tripartite
institutions
By Philip Bassett and John Lloyd
LEFT-WING unions' attempts
■to sever formal links between
the TUC and the Government
are receiving support from an
unexpected quarter — the Iron
and Steel Trades Confederation,
one of the TUC's most moderate
unions.
Left-led unions such as Tass.
the white-collar section of the
engineering workers' union, and
the print union Sogat '82 will
press at next month's TUC Con-
gress in Brighton for the TUC
to withdraw from the National
Economic Development Council
because of the effects of the
Government's economic policies.
However, the final Congress
agenda to be published next
week will show that the ISTC
has tabled an amendment to
the Tass motion which goes con-
siderably further than the left
line of withdrawing only from
the NEDC.
The steelworkers, led by Mr
Bill Sirs, ISTC general secre-
tary, are urging the TUC to
withdraw from all tripartite
bodies on which it serves, in-
cluding the Manpower Services
Commission, the Advisory, Con-
ciliation and Arbitration Ser-
vice, and the Health and Safety
Commission.
The fact that snch a moderate
union as the ISTC is taking
such a hard line could swing
other right-wing unions behind
the move, sharply increasing the
chances of withdrawal being
agreed.
However, other moderate
unions may regard Mr Sirs as
simply taking a maverick stance
on the question.
Accordingly, Tass seems un-
likely to accept the ISTC
amendment. If Mr Sirs refuses
to withdraw if. pushes it to a
debate at Congress and then is
defeated, though, it may well
Increase the chances of fbc left
securing withdrawal from
NEDC. since by comparison
with the ISTC proposal, this
would then seem the more
moderate option.
The executive council of
Sogat '82 yesterday criticised
an amendment from the Asso-
ciation of Scientific, Technical
and Managerial Staffs, which
seeks to stem the tide for with-
drawal by arguinc that mem-
bership of the NEDC and other
forums is of value to working
people.
Sogat seeks general strike.
Page 7
Official figures on industrial
activity show gloomy outlook
— "Y MAX WILKINSON, ECONOMICS CORRESPONDENT
GOVERNMENT received investment declined by 4.5 per
THE
three pieces of bad news on the
economy from official figures
published yesterday.
• Capital investment by
industry fell quite sharply
between the first and second
quarters of this year after a rise
which started last autumn.
0 Rebuilding of stocks by manu-
facturers and distributors, which
appeared to have started in the
first three months of this year,
was reversed in the second
quarter.
# There was a downturn in the
statistical indicators used to
predict future activity in the
economy.
Figures from the Department
of Industry for capital invest-
ment indicate a fall of more than
3 per cent between the first and
second quarters to a total of
£2.36bn at 1975 prices.
The largest fall was in the
manufacturing sector where
cent When leased assets are
taken into account, total invest-
ment by manufacturing industry
is estimated at the equivalent of
£840m in the second quarter, a 2
per cent fall from the previous
quarter.
Manufacturers’ investment in
plant and machinery (excluding
leased assets) fell by nearly 7
per cent between the periods.
Investment in plant and
machinery by the distributive
and service industries also fell
by 2 per cent but there was an
increase in b uilding work in all
sectors.
Department of Industry
figures for the value of stocks
show a seasonally adjusted fall
of £30m (1975 prices) in the
second quarter compared with
the three months up to March.
Stocks were being run down
at an average rate of about
£3 60m per quarter during 1980
and 1981 and this was a major
contributor to the recession.
Reduction of stocks had
appeared to be coming to an
end by the end of last year.
Latest figures appear to show
that manufacturers in particu-
lar still regard their stocks as
too high.
The cyclical indicators issued
vesterday by the Central Statis-
tical. Office showed that the
series which predicts activity a
year ahead and that pointing to
activity in six months time bad
both turned downward in July
after showing fairly steady rises
since the autumn.
Officials emphasise that not
too much weight should be put
on only one month's change of
these indicators, but the possi-
bility of a reversal of the recent
upward trend is likely to worry
the Government
Economy “ likely ” to stay
sluggish, Page 5
Treasury minister attacks GBI,
Page 6
Vauxhall cuts first half losses
- BY JOHN GRIFFITHS
VAUXHALL MOTORS cut its
net losses in the first half of
this year to £21.59m from
£59.89m in the comparable
period of last year.
The results refiect this year’s
sharp upsurge in sales of Vaux-
hall cars, spearheaded by its
Cavalier models, which have
more than offset the declining
fortunes of its Bedford truck-
making subsidiary in depressed
world commercial vehicle
markets.
At the operating level.
Vauxhnll’s loss has been cut
to £7.83ra. This compares with
a £42.3m deficit in the first half
of last year.
The company now appears to
be on course to fulfil the predic-
tion of Mr John Fleming, its
chairman, in March that break-
even at the operating level will
be achieved this year.
Mr Fleming also said at the
time that Vauxhall expects to
make a net profit in 1983.
Yesterday, however, he warned
that “we still have some hard
work to do ” to make a profit
There could be no let-up if
Vauxhall was to reach the 19S3
target "because future gains
VAUXHALL FIRST HALF RESULTS
1982
jan^june
1981
JmrJune
Total net sales
£SC5-87m
£362.75m
. Operating loss
£7.83m
£423m
Net loss
£2 T ,59m
£59A9m
Vehicle sales (units)
120.740
96,900
Of which ears
92*75
67,691
Trucks
28,065 -
29,216
will be so much more difficult
to achieve."
This appeared to be a
reference to the launch next
month by Ford of its Cortina
replacement, the Sierra, in
competition with the Cavalier.
The 92.675 cars Vauxhall sold
in the first half represented a 33
per cent increase over the com-
parable 19S1 period. During the
first half of this year the overall
UK new car market has declined
by 2 per cent.
Vauxhall is running comfort-
ably ahead of its target to raise
market share this year to 11
per cent, from 8.4 per cent in
19S1. Up to the end of July it
had 12 per cent.
Unit sales of trucks, including
exports, were down from
29,218 to 28,065. In addition
margins have come under heavy
pressure.
Vauxhall has made a net
profit only once 3n the past 12
years — of £2m in 1978. In
1980 its parent General Motors
injected £IG7m but contributed
only £15m in the form of debt
cancellation last year. So far. it
has made no contribution in
the current year. Vauxhall said
yesterday.
De Lorean M mysteries,” Page 6
Continued from Page 1
Mexico
seeks time
foreign exchange market, which
was shut down a week ago, with
the announcement of exchange
controls. A three- tier exchange
system is now in place.
The system includes a freely
floa ting peso-dollar rate, which
fell sharply. It had fluctuated be-
tween X10 and 130 pesos to fte
dollar at the start of business.
There is also a preferential
rate, around 50 pesos to the dol-
lar, to be made available for
■vital imports such as foodstuffs
and industrial equipment, as
well as for repayment of public
and private-sector interest on
foreign debt
The third exchange rate is a
Government-set rate of about 70
pesos to the dollar to be used
by holders of dollar bank ac-
counts in Mexico wishing to con-
vert their accounts to pesos.
In a Presidential decree it
was made clear yesterday that
all State companies, including
Pemax. the State oil concern,
must deposit their foreign cur-
rency income with the Mexican
central bank.
UK, Australia study idea
of building new carrier
Report backs
more languages
TEACHERS and local
authorities are showing in-
terest in a report which
suggests that minority
languages In Britain, like
Urdn. Contonese and Gu jerati,
should be taught in schools.
BY LYNTON McLAIN
BRITAIN and Australia are
considering the possibility of
building a fourth £2 50m
Invincible-class anti-submarine
aircraft carrier. The vessel
would be built is Britain in the
mid-to-late 1980s.
The decision to go ahead in
Ovbgk vbg vbg vbg vbgkq...
principle depends on the out-
come of talks now going on in
the Australian government
. It is possible that a final
decision would be made jointly
by the two governments if
thev decided they would both
need another carrier in the
1990s.
This would open up the possi-
bility of joint funding of the
carrier by Australia and
Britain and its use by both the
Royal Navy and the Royal
Australian Navy.
Such a move could reflect
the " greater Anglo-Australian
naval co-operation ” explored
by Mr Ian Sinclair, the Aus-
tralian Defence Minister, with
Mr John Nott the Defence
Secretary, when the two minis-
ters held talks on the future
of HMS Invincible in London
las? month.
The possibility of a fourth
Invincible-class carrier was
acknowledged in Whitehall yes-
terday in the wake of the deci-
sion by the Government last
month to keep HMS Invincible,
the first of its class, and not
sell it to Australia as previously
planned.
The decision by Britain to
keep Invincible marked an
about face by Mr Nott in the
light of the crucial role played
by the carrier In the Falklands
conflict.
The idea of building a fourth
vessel of its type Is a further
sign of change in Government
thinking. The proposal was
aired with Mr Sinclair during
his talks in London 1
While “ nothing definite n had
been decided about the fourth
carrier, according to Whitehall,
the Asutralian and British
defence ministries are consider-
ing whether there will be a
demand “between the two
navies " for tfiK extra anti-
submarine warship.
The Royal Navy has three
active anti-submarine aircraft
carriers — HMS Hermes. HMS.
Invincible and HMS Illustrious,
the list of which are the
new generation armed with Sea
Harrier jets. A third Invincible-
dass carrier to take Sea Har-
riers, HlitS Ark Royal, is under
construction at the Swan Hunter
shipyard on the Tjrae.
The Government has already
offered HMS Hermes to
Australia on “favourable finan-
cial terms ” in place' of Invin-
cible.
As Mr Nott told the Commons
last month, this would leave the
Royal Navy with three aircraft
carriers after 19S5.
However, he pointed out that
■* we intend to have two. not
three aircraft carriers opera-
tional in the fleet. The third
carrier will have a standby capa-
city to ensure that we always
have two carrieres available in
the fleet
Continued from Page 1
Markets
nervous
20}i per cent and the euro DM
rate A of a point higher at 8ft
per cent. However, domestic
West German rates moved
lower.
The most significant change
affected French Interest rates
with the Euro-Franc - rate
jumping 2$ percentage points
to 17} per cent as the Trench
currency came under renewed
pressure.
Elsewhere in the foreign
exchange markets activity was
again less frenetic than in
recent days. In London, the
pound lost 15 points against the
U.S. dollar to close at $1.7235
The U.S. currency recouped
some of Its losses earlier in the
week and strengthened to
JTr 6.95, from FFr 6.9425. The
dollar’s effective exchange rate
as measured by the Bank of
England rose 0.5 to 121.2 while
the pound’s effective exchange
rate slipped 022 to 915.
Among the ‘ world's ■ stock
markets:
• Tokyo’s Nikkei Dow Jones
index closed down 23.03 at
Y6967.78 despite Indications of
renewed buying interest from
overseas investors in the. wake
of the dollar’s continuing fall
against the yen.
• Singapore outperformed
most other markets after heavy
afternoon trading which left
the Straits Timex- Industrial
index 15222 higher at 597.35.
Mixed performances on the
Hong Kong market knocked
5.48 off the Hang Seng index
which closed at 1035.55.
Banks likely
to recycle
debt interest
into Poland
By David Buchan and Leslie Cofitt
in Warsaw
WESTERN BANKS are expec-
ted to recycle S350m (£203ml
of Polish debt interest back into
Poland soon, in the form of a
three-vear revolting credit. This
will pave the way for rescedul-
inn a much larger amount next
month — $2.4bn in Polish debt
principal, or 95 per cent of the
total principal repayments the
country was due to make this
year.
Mr Marian Krzak. the Polish
Finance Minister, said a com-
promise on the recycling was
hammered out in Warsaw last
week and now needed to be
ratified by the heads of the
banks and by the Polish gov-
ernment.
Poland's request to be
excused virtually all its SIbn
interest payments this year led
to tough negotiations at last
week's talks. It had proposed
that up to SO per cent of these
payments should return to
Poland immediately la the form
of a trade credit.
The bank negotiators insisted
they would recycle no more
than than 50 per cent this year.
They suggested this take the
form of a one-year credit.
Poland, however, persuaded
the banks to agree to a three-
year credit on S350m. Poland
also won agreement that
another third of the Slbn of
interest due should be paid
next year.
Mr Krzak stressed that “no
one ” that he knew of in the
Polish Government wanted a
moratorium or repudiation of
Poland's debts. “We still want
to become a member of the
International Monetary Fund,
he said.
The minister added that the
western banks had not tried,
and would not have succeeded,
to direct the use to which the
$350m three-year trade credit
would be put.
He said th*» credits would he
used to finance imnnrts of
semi-finished products, com-
ponents and spare parts vital
to the country’s export
industries. Giving an example
of Poland’s difficulties, he said , _
the country had hams ready for j JrlCSSey
export but no cans for them.
Other officials in Warsaw said
a portion of the credit would
be used to import feed for the
livestock Industry. Poland faces
a worsening meat shortage
which the authorities fear could
lead to unrest.
Poland will have a trade sur-
plus this year of at least 8500m.
Mr Krzak said, after a S125m
surplus in the first half. This
was largely because imports
from the West in the first half
plunged to 54 per cent of the
comparable 1981 level.
The minister said he agreed
with a Polish economic com-
mentators suggestion that the
country would need to
reschedule all .the debt pay-
ments due by 1986 for “ several
or even a dozen years." There
had been no discussion, how-
ever. with Western banks on
this subject, he said.
Government policy
“ unrealistic,”. Page 2
THE LEX COLUMN
A flatter note obi
Wall
Wednesday’s lacklustre close
in bond trading in New York
was enough to dampen down
the euphoria yesterday. The
tender price of the new tap
emerged at £98J, which may
have been 2 points above the
minimum but after the heady
events of the previous three
days was roughly i a point be-
low’ the level exhilarated
dealers had in mind in their
commuter ^trains the previous
evening. The more realistic
mood was reinforced by a
further slippage in U.S. bonds
when Wall Street opened, and
long dated gilts ended the day
with falls extending to 15
points.
Second thoughts an how
quickly companies would benefit
from the decline in interest
rates were also evident. The
FT-A All-share fell back by 1
per cent, although Mercantile
House got away to a start that
must be the envy of the Govern-
ment after Amersbam. with an
elegantly pitched oversubscrip-
tion of 0.7 times. The total
money supply figures offered
little to cock an eye-brow,
although at £ljbn, the bank
Vending figure was quite high,
possibly reflecting companies’
need for funds to finance their
interest charge obligations. A
new scrupulousness over bank-
ing centres." and a rare fall in
capital expenditure by UK dis-
tributive and service industries
were other pointers to the tough
world outside the financial
markets.
The dog that has still not
started to bark is the dollar,
whose strength has always been
blamed ort high interest rates.
As was the case with the pound
last year, it may take a few
months and perhaps some bad
news to set off a latent decline.
Possibly the importance of the
UJ5. current account surplus
bas been under-estimated. On
the other hand, when U.S. bonds
offer such enticing capital gains
prospects, who wants to get out
of the dollar?
Index fell 95 to 569.7
147E
f
S
I
VI
TREAS
1*
REDEM)
URT 12*1 \
787 | l
T WN YIELD f
JUKE JULY AUGUST 1
1982 1
Plessey’s share price has
leapt by 20 per cent since the
group announced its preliminary
figures three months ago and, in
yesterday’s equity market some-
thing spectacular was needed
to maintain the progress. As it
was. Plessey chimed in with a
26 per cent rise in pre-tax profits
to £31. 5m and shares dropped
22p to 51 Sp.
The disappointment centred
around Plessey’s electronic
systems division, where profits
have slipped by £Lm to £4.5m
during the quarter to June, The
whole of this movement can be
accounted for by a strike at
Ilford but level-pegging was still
not encouraging for the division
which holds the key to earnings
growth until System X starts
really contributing.
Quarterly figures can be very
misleading in the defence sec-
tor, however, and Plessey- is
expecting a substantial improve-
ment over the rest of the year
as shipments increase. Else-
where, margins in telecommuni-
cations have widened by 2 V per-
centage points, compensating
for a fairly flat volume picture,
and the depressed level of
demand in the U.S. has kept the
computer peripherals . business
firmly in loss,
Plessey’s cash flow was
roughly neutral over the quarter
but its substantial cash holdings
are still providing the only real
momentum for earnings growth.
Net interest received was £5 .6a
over the three months and the
group has apparently locked
into some appealing sterling
rates to stall the impact of fall-
ing interest rates. But, if
Plessey manages to find the
right bid target in the UA. the
cash could soon go flying out of
the door.
Philips
The restructuring at Philips
is now beginning to show
through at The net profit line.
In the March -June quarter net
profits, under the group's own
current cost accounting conven-
tion, have risen from FI 63m to
FI 134m. Admittedly, the
depressed level of profitability
last year has flattered the com-
parison, but each of the next
two quarters are set to shine
against the 1981 competition.
- The 5 per icent volume
growth fn the - first three
months has been followed up
with a 7 per cent boost in the
latest quarter. Maybe FIFA has .
a valid case for claiming a com-
mission for this particular
period, but it does .look, as if
the Philips VCR has succeeded
in establishing respectable
market shares in some Euro-
pean countries. Trading profits
in the quarter have advanced by
16 per cent, and margins are
holding.
In the current half volume
may be more difficult fo win,
but interest rates are now head-
ing in the right -'direction.'- In
spite of a little, changed level
of net debt ' the financing
charge has dropped by 9 per
cent between the last two
quarters and will drop further,
although the movement will be
somewhat diluted by currency
losses on borrowings. So net
profits for the full year may be
heading for the reeion. of
Ft 500m, against FI 357m. The
shares, which have been dull
in recent months after their
sharp recovery, put an 40 cents
yesterday to FI 24.40, an
undemanding 8 times prospec-
tive earnings. The yield is about
7} per cent. ..
Distillers
The Distillers report and
accounts, published today, pro-
vides no direct due about the
group's much rumoured diversi-
fication strategy, but there is
certainly little evidence that the
accumulation of a war-chest
figures high on its list of
priorities.
The higher than expected
final dividend left virtually no
current cost retentions and Dis-
tillers has reduced the overall
level of debt in its balance sheet
only thanks to a £3 1.1m refund
from the EEC on earlier barley
purchases. The group has run
down the volume of its spirit
stocks, adjusting to the lower
level of sales, but the release
of cash has not so far been
material.
Moreover, Distillers bas con-
tinued to build up its Investment
portfolio. It spent £14.1m last
year on taking up its BP rights
and buying Bank of Scotland
capital stock, but the drop in
BFs share price has left the
overall value of its investments
showing a slight fall on the year.
But the group has plenty of
scope to raise cash if it ever
wants to. Roughly “0 per cent
of its total debt .matures after
1987 and its overdraft facilities
are almost untapped.
Weather
UK TODAY
Changeable, thunder in north
and west.
N.W. and S. England and Wales
Showers, sunny intervals. Max
19C (63F).
M. England, Scotland and
N. Ireland
Showers, some heavy with
hail and thunder, bright
intervals. Max-150 (59F).
Outlook: changeable, rather
cool.
WORLDWIDE
Y'day
Y’day
midday
midday
•F
■c
w r
Aiaccio S
27
81
London S
18
64
Algiers S
33
91
l. Ang.t S
IS
6b
Amsdm. S
17
63
Lux mag. S
63
Athens S
33
91
Luxor S
37
99
26
79
Madrid S
33
91
Barclna, S
28
82
Majorca S
30
88
Beirut
—
Malaga S
25
Belfast F
11
52
Malta S
31
88
Baferd. S
26
79
M'chStr F
14
5/
Berlin F
21
70
Mslbne. S
19
65
Biarritz C
23
73
Mx. C.t
—
—
Bmghm. R
14
57
Miamit C
23
73
Biackpi. F
15
69
Milan S
27
81
Bordx. C
24
75
Montrf.t S
18
64
Boulqn. S
18
61
Moscow C
18
6*
Bristol F
17
(S3
Munich F
23
73
Brussels S
19
83
Nairobi . C
22
72
Budosi. S
26
79
Naples S
30
.86
Cairo S
32
90
Nwcstl. S
14
57
Cardiff R
14
57
N Yorkt.
—
—
Cas'b'ca S
2B
82
Nice S
2J
81
Cape T. 5
17
63
Nicosia S
29
84
Chicg.f F
19
66
Oporto 5
20
68
Cologne S
19
66
Oslo F
19
66
Cpnhgn. R
18
M
Paris S
18
64
Corfu S
32
90
Perth F
19
66
Denver! S
18
64
Prague F
19
66
Dublin C
14
57
Hykjvfc. S
11
62
Dbrvnk. S
28
m.
Rhodes S
27
81
Ednbgft, C
14
57
Rio J’ot
—
—
Faro S
32
90
Rome S
29
84
Florence S
33
Salzbrg. F
25
77
Frankft. S
21
TO
S'ciacof
— 1
—
Funchaf 8
2S
77
Singapr. C
31
88
Geneva S
26
79
S'tiagot
—
—
Gibrltr. S
23
73
Stcknm. F
17
63
Gl'sg'w C
13
55
Strsabg. C
18
84
G’msey ' S
17
63
Sydney . . S
15
88
Helsinki .F
17
BSiTanoier S
39 102
H. Kong C
27
81
Tal Aviv S
28
82
Innsbrk. F
22
72
Tenerife S
28
82
Invrnsa. F
13
55
Tokyo •
— .
—
1 o.Man C
14
57
T*r’ntot F
16
61
Istanbul S
27
B1
Tunis S
30
86
Jersey S
18
84
Valencia S
30
SB
FORSHAWS BURTONWOOD
BREWERY PLC
The thirty-third Annual General Meeting oj ForsJimcs
BuHonwood Brewery PLC was held on 19th August at
Burtomvood, Cheshire. Mr. Richard I. Gilchrist MBE VRD the
Chairman presiding. The following is taken from his
statement circulated with the report and accounts /or the year
ended March 31st 1 982.
Chairman's Statement
Though the decline in beer volumes has continued nationally
we are pleased to report that our turnover has increased by
11.4% to £18,295,000 and that interest receivable has helped
to increase overall profits before taxation by 4.2% to
£2,876,000, although the trading profit reflects our reduced
margins and has increased by only 2.8% to £2.597,000 a final
dividend of 3.797p per share is recommended making a total
of 5.75p per share for the year.
During the year we made further acquisitions of Licensed
Houses in Birkenhead and in Liverpool as well as making further
alterations to seven other of our houses.
. For the future we view with concern the activities of the EEC
which appears to be proposing to end the tie with tenanted
houses for wines, spirits and minerals. The effect of this on
small and medium sized breweries can be considerable. The EEC
is also considering a proposal for the harmonisation of duty
throughout the Common Market which would have an adverse
effect on the cost of beer and be an advantage to the wine trade of
Europe. While your Board is confident that we shall be able to
maintain profit growth in this and related industries in the
long term, we feel that it is important for you to be aware that
the traditional basis of our business is likely to be
affected adversely.
We continue to diversify and have recently concluded an
agreement with the Board of Haydock Park Racecourse to
develop jointly catering and leisure activities at the course.
RX GILCHRIST
Jo'burg F 20 68 (Venice S .
L. Pirn*. S 25 77 1 Vienna F 27 81
Lcbon S 27 81 1 Warsaw F 27 81
Locarno S 26 79 1 Zurich S 21 70
C— Cloudy. F— Fair. Fg— Fog. ff—Haif.
R— Rain. S — Sunny. , SI— Sleet.
Sn— Snow. T— Thunder. -
1 Noon GMT temperatures.
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